Federally Chartered Corporation | 35-6001443 | |||||||
(State or other jurisdiction of incorporation) | (IRS employer identification number) | |||||||
8250 Woodfield Crossing Blvd. Indianapolis, IN | 46240 | |||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
None | None | None |
☐ | Large accelerated filer | ☐ | Accelerated filer | ☐ | Emerging growth company | ||||||||||||
x | Non-accelerated Filer | ☐ | Smaller reporting company |
Shares outstanding as of | |||||
Class A Stock, par value $100 | — | ||||
Class B Stock, par value $100 |
Table of Contents | Page | |||||||
Number | ||||||||
Special Note Regarding Forward-Looking Statements | ||||||||
PART I. | FINANCIAL INFORMATION | |||||||
Item 1. | FINANCIAL STATEMENTS (unaudited) | |||||||
Statements of Condition as of | ||||||||
Statements of Income for the Three and | ||||||||
Statements of Comprehensive Income for the Three and | ||||||||
Statements of Capital for the Three and | ||||||||
Statements of Cash Flows for the | ||||||||
Notes to Financial Statements: | ||||||||
Note 1 - Summary of Significant Accounting Policies | ||||||||
Note 2 - Recently Adopted and Issued Accounting Guidance | ||||||||
Note 3 - Investments | ||||||||
Note 4 - Advances | ||||||||
Note 5 - Mortgage Loans Held for Portfolio | ||||||||
Note 6 - Derivatives and Hedging Activities | ||||||||
Note 7 - Consolidated Obligations | ||||||||
Note 8 - Affordable Housing Program | ||||||||
Note 9 - Capital | ||||||||
Note 10 - Accumulated Other Comprehensive Income | ||||||||
Note 11 - Segment Information | ||||||||
Note 12 - Estimated Fair Values | ||||||||
Note 13 - Commitments and Contingencies | ||||||||
Note 14 - Related Party and Other Transactions | ||||||||
Defined Terms | ||||||||
Item 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||||||
Presentation | ||||||||
Executive Summary | ||||||||
Results of Operations and Changes in Financial Condition | ||||||||
Operating Segments | ||||||||
Analysis of Financial Condition | ||||||||
Liquidity | ||||||||
Capital Resources | ||||||||
Critical Accounting Estimates | ||||||||
Recent Accounting and Regulatory Developments | ||||||||
Risk Management | ||||||||
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | |||||||
Item 4. | CONTROLS AND PROCEDURES | |||||||
PART II. | OTHER INFORMATION | |||||||
Item 1. | LEGAL PROCEEDINGS | |||||||
Item 1A. | RISK FACTORS | |||||||
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | |||||||
Item 3. | DEFAULTS UPON SENIOR SECURITIES | |||||||
Item 4. | MINE SAFETY DISCLOSURES | |||||||
Item 5. | OTHER INFORMATION | |||||||
Item 6. | EXHIBITS |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 63,585 | $ | 21,161 | Cash and due from banks | $ | 56,465 | $ | 21,161 | ||||||||||||
Interest-bearing deposits (Note 3) | Interest-bearing deposits (Note 3) | 817,845 | 856,060 | Interest-bearing deposits (Note 3) | 860,058 | 856,060 | ||||||||||||||||
Securities purchased under agreements to resell (Note 3) | Securities purchased under agreements to resell (Note 3) | 4,400,000 | 4,550,000 | Securities purchased under agreements to resell (Note 3) | 3,450,000 | 4,550,000 | ||||||||||||||||
Federal funds sold (Note 3) | Federal funds sold (Note 3) | 5,027,000 | 3,148,000 | Federal funds sold (Note 3) | 3,392,000 | 3,148,000 | ||||||||||||||||
Trading securities (Note 3) | Trading securities (Note 3) | 345,258 | 2,230,248 | Trading securities (Note 3) | 446,617 | 2,230,248 | ||||||||||||||||
Available-for-sale securities (Note 3) (amortized cost of $13,586,588 and $12,189,776) | 13,590,583 | 12,179,837 | ||||||||||||||||||||
Held-to-maturity securities (Note 3) (estimated fair values of $4,752,998 and $4,156,218) | 4,837,706 | 4,240,201 | ||||||||||||||||||||
Available-for-sale securities (Note 3) (amortized cost of $13,626,866 and $12,189,776) | Available-for-sale securities (Note 3) (amortized cost of $13,626,866 and $12,189,776) | 13,613,403 | 12,179,837 | |||||||||||||||||||
Held-to-maturity securities (Note 3) (estimated fair values of $5,274,222 and $4,156,218) | Held-to-maturity securities (Note 3) (estimated fair values of $5,274,222 and $4,156,218) | 5,359,706 | 4,240,201 | |||||||||||||||||||
Advances (Note 4) | Advances (Note 4) | 36,234,221 | 36,682,459 | Advances (Note 4) | 34,781,490 | 36,682,459 | ||||||||||||||||
Mortgage loans held for portfolio, net (Note 5) | Mortgage loans held for portfolio, net (Note 5) | 7,899,050 | 7,686,455 | Mortgage loans held for portfolio, net (Note 5) | 8,261,434 | 7,686,455 | ||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 156,432 | 152,867 | Accrued interest receivable | 183,321 | 152,867 | ||||||||||||||||
Derivative assets, net (Note 6) | Derivative assets, net (Note 6) | 546,750 | 434,421 | Derivative assets, net (Note 6) | 536,871 | 434,421 | ||||||||||||||||
Loans to other FHLBanks | 250,000 | — | ||||||||||||||||||||
Other assets | Other assets | 102,022 | 102,071 | Other assets | 99,752 | 102,071 | ||||||||||||||||
Total assets | Total assets | $ | 74,270,452 | $ | 72,283,780 | Total assets | $ | 71,041,117 | $ | 72,283,780 | ||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||
Deposits | Deposits | $ | 663,307 | $ | 595,907 | Deposits | $ | 602,721 | $ | 595,907 | ||||||||||||
Consolidated obligations (Note 7): | Consolidated obligations (Note 7): | Consolidated obligations (Note 7): | ||||||||||||||||||||
Discount notes | Discount notes | 20,199,909 | 27,387,492 | Discount notes | 17,457,879 | 27,387,492 | ||||||||||||||||
Bonds | Bonds | 48,508,086 | 39,882,454 | Bonds | 47,895,565 | 39,882,454 | ||||||||||||||||
Total consolidated obligations, net | Total consolidated obligations, net | 68,707,995 | 67,269,946 | Total consolidated obligations, net | 65,353,444 | 67,269,946 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 283,062 | 162,584 | Accrued interest payable | 356,061 | 162,584 | ||||||||||||||||
Affordable Housing Program payable (Note 8) | Affordable Housing Program payable (Note 8) | 53,135 | 38,170 | Affordable Housing Program payable (Note 8) | 58,044 | 38,170 | ||||||||||||||||
Derivative liabilities, net (Note 6) | Derivative liabilities, net (Note 6) | 29,572 | 19,209 | Derivative liabilities, net (Note 6) | 15,326 | 19,209 | ||||||||||||||||
Mandatorily redeemable capital stock (Note 9) | Mandatorily redeemable capital stock (Note 9) | 370,622 | 372,503 | Mandatorily redeemable capital stock (Note 9) | 367,908 | 372,503 | ||||||||||||||||
Other liabilities | Other liabilities | 379,107 | 441,763 | Other liabilities | 618,642 | 441,763 | ||||||||||||||||
Total liabilities | Total liabilities | 70,486,800 | 68,900,082 | Total liabilities | 67,372,146 | 68,900,082 | ||||||||||||||||
Commitments and contingencies (Note 13) | Commitments and contingencies (Note 13) | Commitments and contingencies (Note 13) | ||||||||||||||||||||
Capital (Note 9): | Capital (Note 9): | Capital (Note 9): | ||||||||||||||||||||
Capital stock (putable at par value of $100 per share): | Capital stock (putable at par value of $100 per share): | Capital stock (putable at par value of $100 per share): | ||||||||||||||||||||
Class B issued and outstanding shares: 23,804,903 and 21,231,253 | 2,380,490 | 2,123,125 | ||||||||||||||||||||
Class B issued and outstanding shares: 22,272,460 and 21,231,253 | Class B issued and outstanding shares: 22,272,460 and 21,231,253 | 2,227,246 | 2,123,125 | |||||||||||||||||||
Retained earnings: | Retained earnings: | Retained earnings: | ||||||||||||||||||||
Unrestricted | Unrestricted | 1,054,312 | 963,812 | Unrestricted | 1,091,633 | 963,812 | ||||||||||||||||
Restricted | Restricted | 359,161 | 322,552 | Restricted | 377,314 | 322,552 | ||||||||||||||||
Total retained earnings | Total retained earnings | 1,413,473 | 1,286,364 | Total retained earnings | 1,468,947 | 1,286,364 | ||||||||||||||||
Total accumulated other comprehensive income (loss) (Note 10) | Total accumulated other comprehensive income (loss) (Note 10) | (10,311) | (25,791) | Total accumulated other comprehensive income (loss) (Note 10) | (27,222) | (25,791) | ||||||||||||||||
Total capital | Total capital | 3,783,652 | 3,383,698 | Total capital | 3,668,971 | 3,383,698 | ||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 74,270,452 | $ | 72,283,780 | Total liabilities and capital | $ | 71,041,117 | $ | 72,283,780 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Interest Income: | Interest Income: | Interest Income: | ||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 491,756 | $ | 67,562 | $ | 925,984 | $ | 102,603 | Advances | $ | 502,373 | $ | 187,002 | $ | 1,428,357 | $ | 289,605 | ||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 31,641 | 2,623 | 57,894 | 2,913 | Interest-bearing deposits | 33,915 | 10,807 | 91,808 | 13,720 | ||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 39,717 | 6,066 | 71,667 | 6,971 | Securities purchased under agreements to resell | 24,140 | 16,486 | 95,807 | 23,457 | ||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 65,898 | 7,682 | 111,385 | 8,524 | Federal funds sold | 65,045 | 25,159 | 176,431 | 33,683 | ||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 2,291 | 8,347 | 5,368 | 13,792 | Trading securities | 2,412 | 6,397 | 7,780 | 20,189 | ||||||||||||||||||||||||||||||||||||
Available-for-sale securities | Available-for-sale securities | 200,507 | 38,563 | 372,226 | 61,008 | Available-for-sale securities | 212,408 | 88,443 | 584,634 | 149,451 | ||||||||||||||||||||||||||||||||||||
Held-to-maturity securities | Held-to-maturity securities | 59,055 | 9,033 | 107,480 | 16,544 | Held-to-maturity securities | 69,221 | 15,250 | 176,701 | 31,794 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio | Mortgage loans held for portfolio | 59,128 | 51,467 | 116,883 | 99,268 | Mortgage loans held for portfolio | 64,320 | 52,874 | 181,203 | 152,142 | ||||||||||||||||||||||||||||||||||||
Other interest income | Other interest income | 149 | 22 | 150 | 22 | Other interest income | 73 | 98 | 223 | 120 | ||||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | 950,142 | 191,365 | 1,769,037 | 311,645 | Total interest income | 973,907 | 402,516 | 2,742,944 | 714,161 | ||||||||||||||||||||||||||||||||||||
Interest Expense: | Interest Expense: | Interest Expense: | ||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligation discount notes | Consolidated obligation discount notes | 269,398 | 26,535 | 526,174 | 30,188 | Consolidated obligation discount notes | 232,918 | 107,558 | 759,091 | 137,746 | ||||||||||||||||||||||||||||||||||||
Consolidated obligation bonds | Consolidated obligation bonds | 543,752 | 99,192 | 990,426 | 150,891 | Consolidated obligation bonds | 598,526 | 218,109 | 1,588,952 | 369,000 | ||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 8,896 | 1,547 | 16,514 | 1,646 | Deposits | 10,159 | 3,866 | 26,672 | 5,512 | ||||||||||||||||||||||||||||||||||||
Mandatorily redeemable capital stock | Mandatorily redeemable capital stock | 4,370 | 269 | 8,480 | 514 | Mandatorily redeemable capital stock | 4,348 | 408 | 12,828 | 922 | ||||||||||||||||||||||||||||||||||||
Other interest expense | Other interest expense | 133 | — | 201 | — | Other interest expense | 1 | — | 203 | — | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 826,549 | 127,543 | 1,541,795 | 183,239 | Total interest expense | 845,952 | 329,941 | 2,387,746 | 513,180 | ||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | 123,593 | 63,822 | 227,242 | 128,406 | Net interest income | 127,955 | 72,575 | 355,198 | 200,981 | ||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | (3) | (38) | (2) | (60) | Provision for (reversal of) credit losses | (233) | (8) | (234) | (68) | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 123,596 | 63,860 | 227,244 | 128,466 | Net interest income after provision for credit losses | 128,188 | 72,583 | 355,432 | 201,049 | ||||||||||||||||||||||||||||||||||||
Other Income: | Other Income: | Other Income: | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on sales of available-for-sale and held-to-maturity securities | Net gains (losses) on sales of available-for-sale and held-to-maturity securities | (6,568) | (1,033) | (6,781) | (1,033) | |||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | 758 | (14,220) | 9,072 | (38,415) | Net gains (losses) on trading securities | 2,141 | 382 | 11,213 | (38,033) | ||||||||||||||||||||||||||||||||||||
Net gains on derivatives | Net gains on derivatives | 4,970 | 17,203 | 3,607 | 37,197 | Net gains on derivatives | 4,883 | 8,984 | 8,490 | 46,181 | ||||||||||||||||||||||||||||||||||||
Net gains on extinguishment of debt | Net gains on extinguishment of debt | — | — | 19,846 | — | Net gains on extinguishment of debt | — | — | 19,846 | — | ||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 3,423 | (4,681) | 6,773 | (7,882) | Other, net | (359) | (1,133) | 6,627 | (9,015) | ||||||||||||||||||||||||||||||||||||
Total other income (loss) | Total other income (loss) | 9,151 | (1,698) | 39,298 | (9,100) | Total other income (loss) | 97 | 7,200 | 39,395 | (1,900) | ||||||||||||||||||||||||||||||||||||
Other Expenses: | Other Expenses: | Other Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | 14,878 | 13,411 | 31,713 | 26,367 | Compensation and benefits | 14,215 | 14,681 | 45,928 | 41,048 | ||||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 8,630 | 7,756 | 16,030 | 14,850 | Other operating expenses | 8,313 | 7,680 | 24,342 | 22,530 | ||||||||||||||||||||||||||||||||||||
Federal Housing Finance Agency | Federal Housing Finance Agency | 1,711 | 1,801 | 3,423 | 3,717 | Federal Housing Finance Agency | 1,711 | 1,801 | 5,134 | 5,518 | ||||||||||||||||||||||||||||||||||||
Office of Finance | Office of Finance | 1,007 | 1,081 | 2,080 | 2,498 | Office of Finance | 1,300 | 1,170 | 3,380 | 3,668 | ||||||||||||||||||||||||||||||||||||
Other | Other | 4,522 | 2,154 | 8,973 | 4,165 | Other | 1,412 | 2,681 | 10,385 | 6,846 | ||||||||||||||||||||||||||||||||||||
Total other expenses | Total other expenses | 30,748 | 26,203 | 62,219 | 51,597 | Total other expenses | 26,951 | 28,013 | 89,169 | 79,610 | ||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 101,999 | 35,959 | 204,323 | 67,769 | Income before assessments | 101,334 | 51,770 | 305,658 | 119,539 | ||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | Affordable Housing Program assessments | 10,637 | 3,623 | 21,280 | 6,828 | Affordable Housing Program assessments | 10,568 | 5,218 | 31,849 | 12,046 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 91,362 | $ | 32,336 | $ | 183,043 | $ | 60,941 | Net income | $ | 90,766 | $ | 46,552 | $ | 273,809 | $ | 107,493 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 91,362 | $ | 32,336 | $ | 183,043 | $ | 60,941 | Net income | $ | 90,766 | $ | 46,552 | $ | 273,809 | $ | 107,493 | ||||||||||||||||||||||||||||
Other Comprehensive Income: | Other Comprehensive Income: | Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale securities | Net change in unrealized gains (losses) on available-for-sale securities | 61,911 | (45,228) | 13,934 | (119,691) | Net change in unrealized gains (losses) on available-for-sale securities | (17,458) | (16,452) | (3,524) | (136,143) | ||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | 1,206 | 329 | 1,546 | 789 | Pension benefits, net | 547 | 609 | 2,093 | 1,398 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 63,117 | (44,899) | 15,480 | (118,902) | Total other comprehensive income (loss) | (16,911) | (15,843) | (1,431) | (134,745) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | 154,479 | $ | (12,563) | $ | 198,523 | $ | (57,961) | Total comprehensive income (loss) | $ | 73,855 | $ | 30,709 | $ | 272,378 | $ | (27,252) |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | Shares | Par Value | Unrestricted | Restricted | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 22,922 | $ | 2,292,192 | $ | 1,011,191 | $ | 340,888 | $ | 1,352,079 | $ | (73,428) | $ | 3,570,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | 23,805 | $ | 2,380,490 | $ | 1,054,312 | $ | 359,161 | $ | 1,413,473 | $ | (10,311) | $ | 3,783,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 73,089 | 18,273 | 91,362 | 63,117 | 154,479 | Total comprehensive income | 72,613 | 18,153 | 90,766 | (16,911) | 73,855 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 886 | 88,609 | 88,609 | Proceeds from issuance of capital stock | 467 | 46,754 | 46,754 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | Redemption/repurchase of capital stock | (3) | (311) | (311) | Redemption/repurchase of capital stock | (2,000) | (199,998) | (199,998) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (5.59% annualized) | (29,968) | — | (29,968) | (29,968) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (6.07% annualized) | Cash dividends on capital stock (6.07% annualized) | (35,292) | — | (35,292) | (35,292) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | 23,805 | $ | 2,380,490 | $ | 1,054,312 | $ | 359,161 | $ | 1,413,473 | $ | (10,311) | $ | 3,783,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 22,272 | $ | 2,227,246 | $ | 1,091,633 | $ | 377,314 | $ | 1,468,947 | $ | (27,222) | $ | 3,668,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 21,215 | $ | 2,121,541 | $ | 899,750 | $ | 292,924 | $ | 1,192,674 | $ | 59,055 | $ | 3,373,270 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | 22,508 | $ | 2,250,835 | $ | 912,329 | $ | 299,391 | $ | 1,211,720 | $ | 14,156 | $ | 3,476,711 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | 25,869 | 6,467 | 32,336 | (44,899) | (12,563) | Total comprehensive income (loss) | 37,241 | 9,311 | 46,552 | (15,843) | 30,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 1,293 | 129,294 | 129,294 | Proceeds from issuance of capital stock | 747 | 74,699 | 74,699 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.47% annualized) | (13,290) | — | (13,290) | (13,290) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (3.42% annualized) | Cash dividends on capital stock (3.42% annualized) | (18,507) | — | (18,507) | (18,507) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 22,508 | $ | 2,250,835 | $ | 912,329 | $ | 299,391 | $ | 1,211,720 | $ | 14,156 | $ | 3,476,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | 23,255 | $ | 2,325,534 | $ | 931,063 | $ | 308,702 | $ | 1,239,765 | $ | (1,687) | $ | 3,563,612 |
Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | Capital Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Unrestricted | Restricted | Total | Shares | Par Value | Unrestricted | Restricted | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | 21,231 | $ | 2,123,125 | $ | 963,812 | $ | 322,552 | $ | 1,286,364 | $ | (25,791) | $ | 3,383,698 | Balance, December 31, 2022 | 21,231 | $ | 2,123,125 | $ | 963,812 | $ | 322,552 | $ | 1,286,364 | $ | (25,791) | $ | 3,383,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 146,434 | 36,609 | 183,043 | 15,480 | 198,523 | Total comprehensive income | 219,047 | 54,762 | 273,809 | (1,431) | 272,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 2,577 | 257,689 | 257,689 | Proceeds from issuance of capital stock | 3,044 | 304,443 | 304,443 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | Redemption/repurchase of capital stock | (3) | (311) | (311) | Redemption/repurchase of capital stock | (2,003) | (200,309) | (200,309) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares reclassified to mandatorily redeemable capital stock, net | Shares reclassified to mandatorily redeemable capital stock, net | — | (13) | (13) | Shares reclassified to mandatorily redeemable capital stock, net | — | (13) | (13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (4.98% annualized) | (55,934) | — | (55,934) | (55,934) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (5.35% annualized) | Cash dividends on capital stock (5.35% annualized) | (91,226) | — | (91,226) | (91,226) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | 23,805 | $ | 2,380,490 | $ | 1,054,312 | $ | 359,161 | $ | 1,413,473 | $ | (10,311) | $ | 3,783,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | 22,272 | $ | 2,227,246 | $ | 1,091,633 | $ | 377,314 | $ | 1,468,947 | $ | (27,222) | $ | 3,668,971 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | 22,462 | $ | 2,246,201 | $ | 889,869 | $ | 287,203 | $ | 1,177,072 | $ | 133,058 | $ | 3,556,331 | Balance, December 31, 2021 | 22,462 | $ | 2,246,201 | $ | 889,869 | $ | 287,203 | $ | 1,177,072 | $ | 133,058 | $ | 3,556,331 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | 48,753 | 12,188 | 60,941 | (118,902) | (57,961) | Total comprehensive income (loss) | 85,994 | 21,499 | 107,493 | (134,745) | (27,252) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 1,665 | 166,519 | 166,519 | Proceeds from issuance of capital stock | 2,412 | 241,218 | 241,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption/repurchase of capital stock | Redemption/repurchase of capital stock | (1,619) | (161,885) | (161,885) | Redemption/repurchase of capital stock | (1,619) | (161,885) | (161,885) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.39% annualized) | (26,293) | — | (26,293) | (26,293) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends on capital stock (2.73% annualized) | Cash dividends on capital stock (2.73% annualized) | (44,800) | — | (44,800) | (44,800) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | 22,508 | $ | 2,250,835 | $ | 912,329 | $ | 299,391 | $ | 1,211,720 | $ | 14,156 | $ | 3,476,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | 23,255 | $ | 2,325,534 | $ | 931,063 | $ | 308,702 | $ | 1,239,765 | $ | (1,687) | $ | 3,563,612 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operating Activities: | Operating Activities: | Operating Activities: | ||||||||||||||||||||
Net income | Net income | $ | 183,043 | $ | 60,941 | Net income | $ | 273,809 | $ | 107,493 | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Amortization and depreciation | Amortization and depreciation | (2,909) | 50,152 | Amortization and depreciation | 11,780 | 100,247 | ||||||||||||||||
Changes in net derivative and hedging activities | Changes in net derivative and hedging activities | (15,458) | 751,617 | Changes in net derivative and hedging activities | 286,685 | 1,123,640 | ||||||||||||||||
Net (gains) on extinguishment of debt | Net (gains) on extinguishment of debt | (19,846) | — | Net (gains) on extinguishment of debt | (19,846) | — | ||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | (2) | (60) | Provision for (reversal of) credit losses | (234) | (68) | ||||||||||||||||
Net (gains) losses on trading securities | Net (gains) losses on trading securities | (9,072) | 38,415 | Net (gains) losses on trading securities | (11,213) | 38,033 | ||||||||||||||||
Other adjustments | Other adjustments | 213 | — | Other adjustments | 6,781 | 1,033 | ||||||||||||||||
Changes in: | Changes in: | Changes in: | ||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | (3,733) | (17,495) | Accrued interest receivable | (30,461) | (27,406) | ||||||||||||||||
Other assets | Other assets | (1,055) | 5,955 | Other assets | (1,476) | 8,296 | ||||||||||||||||
Accrued interest payable | Accrued interest payable | 120,610 | 37,075 | Accrued interest payable | 193,691 | 42,051 | ||||||||||||||||
Other liabilities | Other liabilities | 19,243 | 8,559 | Other liabilities | 31,933 | 12,473 | ||||||||||||||||
Total adjustments, net | Total adjustments, net | 87,991 | 874,218 | Total adjustments, net | 467,640 | 1,298,299 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 271,034 | 935,159 | Net cash provided by operating activities | 741,449 | 1,405,792 | ||||||||||||||||
Investing Activities: | Investing Activities: | Investing Activities: | ||||||||||||||||||||
Net change in: | Net change in: | Net change in: | ||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 134,803 | (1,219,223) | Interest-bearing deposits | 208,452 | (1,650,018) | ||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 150,000 | (1,000,000) | Securities purchased under agreements to resell | 1,100,000 | 1,000,000 | ||||||||||||||||
Federal funds sold | Federal funds sold | (1,879,000) | 84,000 | Federal funds sold | (244,000) | (2,027,000) | ||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||
Proceeds from maturities | Proceeds from maturities | 1,400,000 | 1,600,000 | Proceeds from maturities | 1,400,000 | 2,525,000 | ||||||||||||||||
Proceeds from sales | Proceeds from sales | 494,063 | 200,000 | Proceeds from sales | 494,063 | 200,000 | ||||||||||||||||
Purchases | Purchases | — | (1,930,219) | Purchases | (99,219) | (1,930,219) | ||||||||||||||||
Available-for-sale securities: | Available-for-sale securities: | Available-for-sale securities: | ||||||||||||||||||||
Proceeds from maturities and paydowns | 161,480 | 503,910 | ||||||||||||||||||||
Proceeds from paydowns and maturities | Proceeds from paydowns and maturities | 195,419 | 703,730 | |||||||||||||||||||
Proceeds from sales | Proceeds from sales | 85,113 | — | Proceeds from sales | 592,660 | — | ||||||||||||||||
Purchases | Purchases | (1,638,271) | (2,362,677) | Purchases | (2,500,969) | (4,330,214) | ||||||||||||||||
Held-to-maturity securities: | Held-to-maturity securities: | Held-to-maturity securities: | ||||||||||||||||||||
Proceeds from maturities and paydowns | 238,896 | 630,398 | ||||||||||||||||||||
Proceeds from paydowns and maturities | Proceeds from paydowns and maturities | 353,651 | 789,190 | |||||||||||||||||||
Proceeds from sales | Proceeds from sales | 9,769 | — | Proceeds from sales | 9,769 | 63,111 | ||||||||||||||||
Purchases | Purchases | (922,252) | (51,312) | Purchases | (1,362,972) | (384,620) | ||||||||||||||||
Advances: | Advances: | Advances: | ||||||||||||||||||||
Principal repayments | Principal repayments | 175,082,844 | 71,353,438 | Principal repayments | 231,653,753 | 156,213,544 | ||||||||||||||||
Disbursements to members | Disbursements to members | (174,713,799) | (74,888,350) | Disbursements to members | (229,991,274) | (160,746,988) | ||||||||||||||||
Mortgage loans held for portfolio: | Mortgage loans held for portfolio: | Mortgage loans held for portfolio: | ||||||||||||||||||||
Principal collections | Principal collections | 331,922 | 600,449 | Principal collections | 524,847 | 824,635 | ||||||||||||||||
Purchases from members | Purchases from members | (546,639) | (771,838) | Purchases from members | (1,109,547) | (927,167) | ||||||||||||||||
Purchases of premises, software, and equipment | Purchases of premises, software, and equipment | (1,855) | (1,989) | Purchases of premises, software, and equipment | (2,968) | (2,768) | ||||||||||||||||
Loans to other Federal Home Loan Banks: | Loans to other Federal Home Loan Banks: | Loans to other Federal Home Loan Banks: | ||||||||||||||||||||
Principal repayments | Principal repayments | 810,000 | 520,000 | Principal repayments | 1,080,000 | 1,040,000 | ||||||||||||||||
Disbursements | Disbursements | (1,060,000) | (520,000) | Disbursements | (1,080,000) | (1,040,000) | ||||||||||||||||
Net cash used in investing activities | (1,862,926) | (7,253,413) | ||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 1,221,665 | (9,679,784) |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Financing Activities: | Financing Activities: | Financing Activities: | ||||||||||||||||||||
Net change in deposits | Net change in deposits | 73,370 | (320,726) | Net change in deposits | 12,544 | (637,931) | ||||||||||||||||
Net proceeds (payments) on derivative contracts with financing elements | Net proceeds (payments) on derivative contracts with financing elements | 4,340 | (1,118) | Net proceeds (payments) on derivative contracts with financing elements | 6,853 | (592) | ||||||||||||||||
Net proceeds from issuance of consolidated obligations: | Net proceeds from issuance of consolidated obligations: | Net proceeds from issuance of consolidated obligations: | ||||||||||||||||||||
Discount notes | Discount notes | 339,309,328 | 369,385,849 | Discount notes | 586,899,725 | 642,682,864 | ||||||||||||||||
Bonds | Bonds | 16,099,923 | 10,677,690 | Bonds | 18,410,888 | 13,648,088 | ||||||||||||||||
Payments for matured and retired consolidated obligations: | Payments for matured and retired consolidated obligations: | Payments for matured and retired consolidated obligations: | ||||||||||||||||||||
Discount notes | Discount notes | (346,475,227) | (361,928,027) | Discount notes | (596,814,327) | (633,562,007) | ||||||||||||||||
Bonds | Bonds | (7,576,968) | (12,277,200) | Bonds | (10,451,793) | (14,729,350) | ||||||||||||||||
Loans from other Federal Home Loan Banks: | Loans from other Federal Home Loan Banks: | Loans from other Federal Home Loan Banks: | ||||||||||||||||||||
Proceeds from borrowings | Proceeds from borrowings | 500,000 | — | Proceeds from borrowings | 500,000 | — | ||||||||||||||||
Principal repayments | Principal repayments | (500,000) | — | Principal repayments | (500,000) | — | ||||||||||||||||
Proceeds from issuance of capital stock | Proceeds from issuance of capital stock | 257,689 | 166,519 | Proceeds from issuance of capital stock | 304,443 | 241,218 | ||||||||||||||||
Payments for redemption/repurchase of capital stock | Payments for redemption/repurchase of capital stock | (311) | (161,885) | Payments for redemption/repurchase of capital stock | (200,309) | (161,885) | ||||||||||||||||
Payments for redemption/repurchase of mandatorily redeemable capital stock | Payments for redemption/repurchase of mandatorily redeemable capital stock | (1,894) | (4,839) | Payments for redemption/repurchase of mandatorily redeemable capital stock | (4,608) | (7,132) | ||||||||||||||||
Dividend payments on capital stock | Dividend payments on capital stock | (55,934) | (26,293) | Dividend payments on capital stock | (91,226) | (44,800) | ||||||||||||||||
Net cash provided by financing activities | 1,634,316 | 5,509,970 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (1,927,810) | 7,428,473 | |||||||||||||||||||
Net increase (decrease) in cash and due from banks | Net increase (decrease) in cash and due from banks | 42,424 | (808,284) | Net increase (decrease) in cash and due from banks | 35,304 | (845,519) | ||||||||||||||||
Cash and due from banks at beginning of period | Cash and due from banks at beginning of period | 21,161 | 867,880 | Cash and due from banks at beginning of period | 21,161 | 867,880 | ||||||||||||||||
Cash and due from banks at end of period | Cash and due from banks at end of period | $ | 63,585 | $ | 59,596 | Cash and due from banks at end of period | $ | 56,465 | $ | 22,361 | ||||||||||||
Supplemental Disclosures: | Supplemental Disclosures: | Supplemental Disclosures: | ||||||||||||||||||||
Cash activities: | Cash activities: | Cash activities: | ||||||||||||||||||||
Interest payments | Interest payments | $ | 1,380,115 | $ | 99,903 | Interest payments | $ | 2,109,305 | $ | 334,152 | ||||||||||||
Affordable Housing Program payments | Affordable Housing Program payments | 6,315 | 8,924 | Affordable Housing Program payments | 11,975 | 11,902 | ||||||||||||||||
Non-cash activities: | Non-cash activities: | Non-cash activities: | ||||||||||||||||||||
Purchases of investment securities, traded but not yet settled | Purchases of investment securities, traded but not yet settled | — | 220,413 | Purchases of investment securities, traded but not yet settled | 233,756 | 136,587 |
Security Type | Security Type | June 30, 2023 | December 31, 2022 | Security Type | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 345,258 | $ | 2,230,248 | U.S. Treasury obligations | $ | 446,617 | $ | 2,230,248 | ||||||||||||||||||
Total trading securities at estimated fair value | Total trading securities at estimated fair value | $ | 345,258 | $ | 2,230,248 | Total trading securities at estimated fair value | $ | 446,617 | $ | 2,230,248 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities held at period end | Net gains (losses) on trading securities held at period end | $ | 615 | $ | (13,740) | $ | 2,396 | $ | (34,831) | Net gains (losses) on trading securities held at period end | $ | 2,141 | $ | (459) | $ | 4,537 | $ | (32,361) | ||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities that matured/sold during the period | Net gains (losses) on trading securities that matured/sold during the period | 143 | (480) | 6,676 | (3,584) | Net gains (losses) on trading securities that matured/sold during the period | — | 841 | 6,676 | (5,672) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | $ | 758 | $ | (14,220) | $ | 9,072 | $ | (38,415) | Net gains (losses) on trading securities | $ | 2,141 | $ | 382 | $ | 11,213 | $ | (38,033) |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | Security Type | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 5,338,509 | $ | 18,712 | $ | (109) | $ | 5,357,112 | U.S. Treasury obligations | $ | 5,457,656 | $ | 14,687 | $ | (1,486) | $ | 5,470,857 | ||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 1,752,141 | 19,029 | — | 1,771,170 | GSE and TVA debentures | 1,745,997 | 18,756 | — | 1,764,753 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,495,938 | 19,485 | (53,122) | 6,462,301 | GSE multifamily MBS | 6,423,213 | 12,377 | (57,797) | 6,377,793 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 13,586,588 | $ | 57,226 | $ | (53,231) | $ | 13,590,583 | Total AFS securities | $ | 13,626,866 | $ | 45,820 | $ | (59,283) | $ | 13,613,403 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | Amortized | Unrealized | Unrealized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | Security Type | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 4,207,974 | $ | 3,502 | $ | (1,802) | $ | 4,209,674 | U.S. Treasury obligations | $ | 4,207,974 | $ | 3,502 | $ | (1,802) | $ | 4,209,674 | ||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 1,882,802 | 20,144 | (243) | 1,902,703 | GSE and TVA debentures | 1,882,802 | 20,144 | (243) | 1,902,703 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,099,000 | 20,064 | (51,604) | 6,067,460 | GSE multifamily MBS | 6,099,000 | 20,064 | (51,604) | 6,067,460 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 12,189,776 | $ | 43,710 | $ | (53,649) | $ | 12,179,837 | Total AFS securities | $ | 12,189,776 | $ | 43,710 | $ | (53,649) | $ | 12,179,837 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or More | Total | Less than 12 months | 12 months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 393,973 | $ | (109) | $ | — | $ | — | $ | 393,973 | $ | (109) | U.S. Treasury obligations | $ | 1,115,689 | $ | (1,346) | $ | 231,738 | $ | (140) | $ | 1,347,427 | $ | (1,486) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 1,440,466 | (11,166) | 2,603,662 | (41,956) | 4,044,128 | (53,122) | GSE multifamily MBS | 1,810,455 | (10,429) | 2,743,071 | (47,368) | 4,553,526 | (57,797) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired AFS securities | Total impaired AFS securities | $ | 1,834,439 | $ | (11,275) | $ | 2,603,662 | $ | (41,956) | $ | 4,438,101 | $ | (53,231) | Total impaired AFS securities | $ | 2,926,144 | $ | (11,775) | $ | 2,974,809 | $ | (47,508) | $ | 5,900,953 | $ | (59,283) | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or More | Total | Less than 12 months | 12 months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | Security Type | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 1,836,099 | $ | (1,802) | $ | — | $ | — | $ | 1,836,099 | $ | (1,802) | U.S. Treasury obligations | $ | 1,836,099 | $ | (1,802) | $ | — | $ | — | $ | 1,836,099 | $ | (1,802) | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 75,024 | (243) | — | — | 75,024 | (243) | GSE and TVA debentures | 75,024 | (243) | — | — | 75,024 | (243) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 3,484,309 | (41,046) | 301,339 | (10,558) | 3,785,648 | (51,604) | GSE multifamily MBS | 3,484,309 | (41,046) | 301,339 | (10,558) | 3,785,648 | (51,604) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total impaired AFS securities | Total impaired AFS securities | $ | 5,395,432 | $ | (43,091) | $ | 301,339 | $ | (10,558) | $ | 5,696,771 | $ | (53,649) | Total impaired AFS securities | $ | 5,395,432 | $ | (43,091) | $ | 301,339 | $ | (10,558) | $ | 5,696,771 | $ | (53,649) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | Year of Contractual Maturity | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Non-MBS: | Non-MBS: | Non-MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | — | $ | — | $ | 131,329 | $ | 131,517 | Due in 1 year or less | $ | 278,296 | $ | 279,554 | $ | 131,329 | $ | 131,517 | ||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 2,898,606 | 2,922,057 | 1,575,581 | 1,594,583 | Due after 1 through 5 years | 3,740,367 | 3,765,153 | 1,575,581 | 1,594,583 | ||||||||||||||||||||||||||||||||||||||||||
Due after 5 through 10 years | Due after 5 through 10 years | 4,192,044 | 4,206,225 | 4,383,866 | 4,386,277 | Due after 5 through 10 years | 3,184,990 | 3,190,903 | 4,383,866 | 4,386,277 | ||||||||||||||||||||||||||||||||||||||||||
Total non-MBS | Total non-MBS | 7,090,650 | 7,128,282 | 6,090,776 | 6,112,377 | Total non-MBS | 7,203,653 | 7,235,610 | 6,090,776 | 6,112,377 | ||||||||||||||||||||||||||||||||||||||||||
Total MBS | Total MBS | 6,495,938 | 6,462,301 | 6,099,000 | 6,067,460 | Total MBS | 6,423,213 | 6,377,793 | 6,099,000 | 6,067,460 | ||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 13,586,588 | $ | 13,590,583 | $ | 12,189,776 | $ | 12,179,837 | Total AFS securities | $ | 13,626,866 | $ | 13,613,403 | $ | 12,189,776 | $ | 12,179,837 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized | Unrecognized | Unrecognized | Unrecognized | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | Amortized | Holding | Holding | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | Security Type | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
MBS: | MBS: | MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed single-family | Other U.S. obligations - guaranteed single-family | $ | 3,683,444 | $ | 1,108 | $ | (44,812) | $ | 3,639,740 | Other U.S. obligations - guaranteed single-family | $ | 4,145,163 | $ | 3,226 | $ | (37,043) | $ | 4,111,346 | ||||||||||||||||||||||||||||||||||
GSE single-family | GSE single-family | 585,800 | 184 | (38,431) | 547,553 | GSE single-family | 649,833 | 440 | (47,080) | 603,193 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily | GSE multifamily | 568,462 | — | (2,757) | 565,705 | GSE multifamily | 564,710 | — | (5,027) | 559,683 | ||||||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 4,837,706 | $ | 1,292 | $ | (86,000) | $ | 4,752,998 | Total HTM securities | $ | 5,359,706 | $ | 3,666 | $ | (89,150) | $ | 5,274,222 | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized | Unrecognized | Unrecognized | Unrecognized | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Holding | Holding | Estimated | Amortized | Holding | Holding | Estimated | |||||||||||||||||||||||||||||||||||||||||||||
Security Type | Security Type | Cost (1) | Gains | Losses | Fair Value | Security Type | Cost (1) | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
MBS: | MBS: | MBS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed single-family | Other U.S. obligations - guaranteed single-family | $ | 2,991,702 | $ | 2,128 | $ | (43,106) | $ | 2,950,724 | Other U.S. obligations - guaranteed single-family | $ | 2,991,702 | $ | 2,128 | $ | (43,106) | $ | 2,950,724 | ||||||||||||||||||||||||||||||||||
GSE single-family | GSE single-family | 619,910 | 518 | (39,634) | 580,794 | GSE single-family | 619,910 | 518 | (39,634) | 580,794 | ||||||||||||||||||||||||||||||||||||||||||
GSE multifamily | GSE multifamily | 628,589 | — | (3,889) | 624,700 | GSE multifamily | 628,589 | — | (3,889) | 624,700 | ||||||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 4,240,201 | $ | 2,646 | $ | (86,629) | $ | 4,156,218 | Total HTM securities | $ | 4,240,201 | $ | 2,646 | $ | (86,629) | $ | 4,156,218 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Term | Redemption Term | Amount | WAIR % | Amount | WAIR % | Redemption Term | Amount | WAIR % | Amount | WAIR % | ||||||||||||||||||||||||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | Overdrawn demand and overnight deposit accounts | $ | — | — | $ | 430 | 6.74 | Overdrawn demand and overnight deposit accounts | $ | 18 | 7.73 | $ | 430 | 6.74 | ||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 9,298,969 | 4.50 | 14,517,059 | 3.77 | Due in 1 year or less | 9,873,503 | 4.75 | 14,517,059 | 3.77 | ||||||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 3,419,914 | 2.89 | 2,726,023 | 2.82 | Due after 1 through 2 years | 3,925,830 | 3.14 | 2,726,023 | 2.82 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 3,207,364 | 3.38 | 3,316,683 | 2.73 | Due after 2 through 3 years | 2,632,172 | 3.22 | 3,316,683 | 2.73 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 2,221,038 | 3.22 | 2,045,370 | 2.70 | Due after 3 through 4 years | 3,300,243 | 4.10 | 2,045,370 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 7,435,666 | 4.19 | 3,938,017 | 3.96 | Due after 4 through 5 years | 6,540,352 | 4.16 | 3,938,017 | 3.96 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 11,339,502 | 3.17 | 10,747,880 | 2.70 | Thereafter | 9,356,901 | 3.39 | 10,747,880 | 2.70 | ||||||||||||||||||||||||||||||||||||||||||
Total advances, par value | Total advances, par value | 36,922,453 | 3.71 | 37,291,462 | 3.26 | Total advances, par value | 35,629,019 | 3.93 | 37,291,462 | 3.26 | ||||||||||||||||||||||||||||||||||||||||||
Fair-value hedging basis adjustments, net | Fair-value hedging basis adjustments, net | (693,968) | (615,859) | Fair-value hedging basis adjustments, net | (852,723) | (615,859) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 5,736 | 6,856 | Unamortized swap termination fees associated with modified advances, net of deferred prepayment fees | 5,194 | 6,856 | ||||||||||||||||||||||||||||||||||||||||||||||
Total advances (1) | Total advances (1) | $ | 36,234,221 | $ | 36,682,459 | Total advances (1) | $ | 34,781,490 | $ | 36,682,459 |
Earlier of Redemption or Next Call Date | Earlier of Redemption or Next Put Date | Earlier of Redemption or Next Call Date | Earlier of Redemption or Next Put Date | |||||||||||||||||||||||||||||||||||||||||||||||||
Term | Term | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | Term | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Overdrawn demand and overnight deposit accounts | Overdrawn demand and overnight deposit accounts | $ | — | $ | 430 | $ | — | $ | 430 | Overdrawn demand and overnight deposit accounts | $ | 18 | $ | 430 | $ | 18 | $ | 430 | ||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 14,248,371 | 19,337,582 | 15,912,969 | 20,226,164 | Due in 1 year or less | 14,832,005 | 19,337,582 | 14,363,003 | 20,226,164 | ||||||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 3,280,214 | 2,299,023 | 3,795,814 | 3,207,023 | Due after 1 through 2 years | 3,363,030 | 2,299,023 | 4,691,730 | 3,207,023 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 2,296,614 | 2,385,483 | 4,197,364 | 4,082,583 | Due after 2 through 3 years | 2,204,582 | 2,385,483 | 3,345,172 | 4,082,583 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 1,827,938 | 1,592,245 | 2,231,038 | 2,045,370 | Due after 3 through 4 years | 1,957,633 | 1,592,245 | 3,535,343 | 2,045,370 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 5,695,965 | 2,773,917 | 6,845,766 | 4,173,117 | Due after 4 through 5 years | 5,685,099 | 2,773,917 | 5,720,352 | 4,173,117 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 9,573,351 | 8,902,782 | 3,939,502 | 3,556,775 | Thereafter | 7,586,652 | 8,902,782 | 3,973,401 | 3,556,775 | ||||||||||||||||||||||||||||||||||||||||||
Total advances, par value | Total advances, par value | $ | 36,922,453 | $ | 37,291,462 | $ | 36,922,453 | $ | 37,291,462 | Total advances, par value | $ | 35,629,019 | $ | 37,291,462 | $ | 35,629,019 | $ | 37,291,462 |
Term | Term | June 30, 2023 | December 31, 2022 | Term | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Fixed-rate long-term mortgages | Fixed-rate long-term mortgages | $ | 6,949,896 | $ | 6,676,752 | Fixed-rate long-term mortgages | $ | 7,335,205 | $ | 6,676,752 | ||||||||||||||||||
Fixed-rate medium-term (1) mortgages | Fixed-rate medium-term (1) mortgages | 797,059 | 856,446 | Fixed-rate medium-term (1) mortgages | 770,265 | 856,446 | ||||||||||||||||||||||
Total mortgage loans held for portfolio, UPB | Total mortgage loans held for portfolio, UPB | 7,746,955 | 7,533,198 | Total mortgage loans held for portfolio, UPB | 8,105,470 | 7,533,198 | ||||||||||||||||||||||
Unamortized premiums | Unamortized premiums | 169,224 | 168,593 | Unamortized premiums | 174,065 | 168,593 | ||||||||||||||||||||||
Unamortized discounts | Unamortized discounts | (11,217) | (9,466) | Unamortized discounts | (11,418) | (9,466) | ||||||||||||||||||||||
Hedging basis adjustments, net | Hedging basis adjustments, net | (5,712) | (5,670) | Hedging basis adjustments, net | (6,558) | (5,670) | ||||||||||||||||||||||
Total mortgage loans held for portfolio | Total mortgage loans held for portfolio | 7,899,250 | 7,686,655 | Total mortgage loans held for portfolio | 8,261,559 | 7,686,655 | ||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (200) | (200) | Allowance for credit losses | (125) | (200) | ||||||||||||||||||||||
Total mortgage loans held for portfolio, net (2) | Total mortgage loans held for portfolio, net (2) | $ | 7,899,050 | $ | 7,686,455 | Total mortgage loans held for portfolio, net (2) | $ | 8,261,434 | $ | 7,686,455 |
Type | Type | June 30, 2023 | December 31, 2022 | Type | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Conventional | Conventional | $ | 7,605,034 | $ | 7,383,168 | Conventional | $ | 7,965,829 | $ | 7,383,168 | ||||||||||||||||||
Government-guaranteed or -insured | Government-guaranteed or -insured | 141,921 | 150,030 | Government-guaranteed or -insured | 139,641 | 150,030 | ||||||||||||||||||||||
Total mortgage loans held for portfolio, UPB | Total mortgage loans held for portfolio, UPB | $ | 7,746,955 | $ | 7,533,198 | Total mortgage loans held for portfolio, UPB | $ | 8,105,470 | $ | 7,533,198 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Origination Year | Origination Year | |||||||||||||||||||||||||||||||||||||||
Payment Status | Payment Status | Prior to 2019 | 2019 to 2023 | Total | Payment Status | Prior to 2019 | 2019 to 2023 | Total | ||||||||||||||||||||||||||||||||
Past due: | Past due: | Past due: | ||||||||||||||||||||||||||||||||||||||
30-59 days | 30-59 days | $ | 41,638 | $ | 14,221 | $ | 55,859 | 30-59 days | $ | 19,600 | $ | 21,268 | $ | 40,868 | ||||||||||||||||||||||||||
60-89 days | 60-89 days | 3,912 | 893 | 4,805 | 60-89 days | 4,268 | 795 | 5,063 | ||||||||||||||||||||||||||||||||
90 days or more | 90 days or more | 6,534 | 648 | 7,182 | 90 days or more | 4,088 | 1,565 | 5,653 | ||||||||||||||||||||||||||||||||
Total past due | Total past due | 52,084 | 15,762 | 67,846 | Total past due | 27,956 | 23,628 | 51,584 | ||||||||||||||||||||||||||||||||
Total current | Total current | 2,521,996 | 5,165,962 | 7,687,958 | Total current | 2,463,750 | 5,605,111 | 8,068,861 | ||||||||||||||||||||||||||||||||
Total conventional mortgage loans, amortized cost | Total conventional mortgage loans, amortized cost | $ | 2,574,080 | $ | 5,181,724 | $ | 7,755,804 | Total conventional mortgage loans, amortized cost | $ | 2,491,706 | $ | 5,628,739 | $ | 8,120,445 |
December 31, 2022 | ||||||||||||||||||||
Origination Year | ||||||||||||||||||||
Payment Status | Prior to 2018 | 2018 to 2022 | Total | |||||||||||||||||
Past due: | ||||||||||||||||||||
30-59 days | $ | 17,892 | $ | 13,041 | $ | 30,933 | ||||||||||||||
60-89 days | 4,537 | 1,992 | 6,529 | |||||||||||||||||
90 days or more | 9,498 | 2,979 | 12,477 | |||||||||||||||||
Total past due | 31,927 | 18,012 | 49,939 | |||||||||||||||||
Total current | 2,422,623 | 5,062,416 | 7,485,039 | |||||||||||||||||
Total conventional mortgage loans, amortized cost | $ | 2,454,550 | $ | 5,080,428 | $ | 7,534,978 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Other Delinquency Statistics | Other Delinquency Statistics | Conventional | Government | Total | Other Delinquency Statistics | Conventional | Government | Total | ||||||||||||||||||||||||||||||||
In process of foreclosure (1) | In process of foreclosure (1) | $ | 977 | $ | — | $ | 977 | In process of foreclosure (1) | $ | 675 | $ | — | $ | 675 | ||||||||||||||||||||||||||
Serious delinquency rate (2) | Serious delinquency rate (2) | 0.09 | % | 0.59 | % | 0.10 | % | Serious delinquency rate (2) | 0.07 | % | 0.70 | % | 0.08 | % | ||||||||||||||||||||||||||
Past due 90 days or more still accruing interest (3) | Past due 90 days or more still accruing interest (3) | $ | 3,359 | $ | 775 | $ | 4,134 | Past due 90 days or more still accruing interest (3) | $ | 2,261 | $ | 992 | $ | 3,253 | ||||||||||||||||||||||||||
On non-accrual status (4) | On non-accrual status (4) | $ | 8,414 | $ | — | $ | 8,414 | On non-accrual status (4) | $ | 8,354 | $ | — | $ | 8,354 | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Other Delinquency Statistics | Other Delinquency Statistics | Conventional | Government | Total | Other Delinquency Statistics | Conventional | Government | Total | ||||||||||||||||||||||||||||||||
In process of foreclosure (1) | In process of foreclosure (1) | $ | 1,655 | $ | — | $ | 1,655 | In process of foreclosure (1) | $ | 1,655 | $ | — | $ | 1,655 | ||||||||||||||||||||||||||
Serious delinquency rate (2) | Serious delinquency rate (2) | 0.16 | % | 1.07 | % | 0.18 | % | Serious delinquency rate (2) | 0.16 | % | 1.07 | % | 0.18 | % | ||||||||||||||||||||||||||
Past due 90 days or more still accruing interest (3) | Past due 90 days or more still accruing interest (3) | $ | 6,283 | $ | 1,552 | $ | 7,835 | Past due 90 days or more still accruing interest (3) | $ | 6,283 | $ | 1,552 | $ | 7,835 | ||||||||||||||||||||||||||
On non-accrual status (4) | On non-accrual status (4) | $ | 10,984 | $ | — | $ | 10,984 | On non-accrual status (4) | $ | 10,984 | $ | — | $ | 10,984 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||
Rollforward of Allowance | Rollforward of Allowance | 2023 | 2022 | 2023 | 2022 | Rollforward of Allowance | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 200 | $ | 200 | $ | 200 | $ | 200 | Balance, beginning of period | $ | 200 | $ | 200 | $ | 200 | $ | 200 | ||||||||||||||||||||||||||||||||||
(Charge-offs), net of recoveries | (Charge-offs), net of recoveries | 3 | 38 | 2 | 60 | (Charge-offs), net of recoveries | 158 | 8 | 159 | 68 | ||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | (3) | (38) | (2) | (60) | Provision for (reversal of) credit losses | (233) | (8) | (234) | (68) | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 200 | $ | 200 | $ | 200 | $ | 200 | Balance, end of period | $ | 125 | $ | 200 | $ | 125 | $ | 200 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | $ | 80,851,192 | $ | 1,025,694 | $ | 2,087,330 | $ | 66,103,220 | $ | 919,089 | $ | 2,178,897 | Interest-rate swaps | $ | 78,478,162 | $ | 1,183,118 | $ | 2,118,828 | $ | 66,103,220 | $ | 919,089 | $ | 2,178,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | 764,802 | 5,772 | 39 | 6,200,000 | 599 | 525 | Interest-rate swaps | 460,000 | 11 | 184 | 6,200,000 | 599 | 525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate caps/floors | Interest-rate caps/floors | 811,000 | 2,191 | — | 611,000 | 1,310 | — | Interest-rate caps/floors | 811,000 | 2,622 | — | 611,000 | 1,310 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate forwards | Interest-rate forwards | 81,900 | 185 | 14 | 30,200 | 131 | — | Interest-rate forwards | 160,700 | 414 | 146 | 30,200 | 131 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 81,787 | 37 | 188 | 30,855 | 50 | 102 | MDCs | 158,701 | 68 | 500 | 30,855 | 50 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | 1,739,489 | 8,185 | 241 | 6,872,055 | 2,090 | 627 | Total derivatives not designated as hedging instruments | 1,590,401 | 3,115 | 830 | 6,872,055 | 2,090 | 627 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives before adjustments | Total derivatives before adjustments | $ | 82,590,681 | 1,033,879 | 2,087,571 | $ | 72,975,275 | 921,179 | 2,179,524 | Total derivatives before adjustments | $ | 80,068,563 | 1,186,233 | 2,119,658 | $ | 72,975,275 | 921,179 | 2,179,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netting adjustments and cash collateral (1) | Netting adjustments and cash collateral (1) | (487,129) | (2,057,999) | (486,758) | (2,160,315) | Netting adjustments and cash collateral (1) | (649,362) | (2,104,332) | (486,758) | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives, net, at estimated fair value | Total derivatives, net, at estimated fair value | $ | 546,750 | $ | 29,572 | $ | 434,421 | $ | 19,209 | Total derivatives, net, at estimated fair value | $ | 536,871 | $ | 15,326 | $ | 434,421 | $ | 19,209 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments meeting netting requirements: | Derivative instruments meeting netting requirements: | Derivative instruments meeting netting requirements: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross recognized amount | Gross recognized amount | Gross recognized amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared | Uncleared | $ | 978,881 | $ | 2,024,580 | $ | 892,313 | $ | 2,178,098 | Uncleared | $ | 1,182,615 | $ | 2,096,260 | $ | 892,313 | $ | 2,178,098 | ||||||||||||||||||||||||||||||||||
Cleared | Cleared | 54,776 | 62,789 | 28,685 | 1,324 | Cleared | 3,136 | 22,752 | 28,685 | 1,324 | ||||||||||||||||||||||||||||||||||||||||||
Total gross recognized amount | Total gross recognized amount | 1,033,657 | 2,087,369 | 920,998 | 2,179,422 | Total gross recognized amount | 1,185,751 | 2,119,012 | 920,998 | 2,179,422 | ||||||||||||||||||||||||||||||||||||||||||
Gross amounts of netting adjustments and cash collateral | Gross amounts of netting adjustments and cash collateral | Gross amounts of netting adjustments and cash collateral | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared | Uncleared | (964,698) | (1,995,210) | (884,451) | (2,158,991) | Uncleared | (1,144,406) | (2,081,580) | (884,451) | (2,158,991) | ||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | 477,569 | (62,789) | 397,693 | (1,324) | Cleared | 495,044 | (22,752) | 397,693 | (1,324) | ||||||||||||||||||||||||||||||||||||||||||
Total gross amounts of netting adjustments and cash collateral | Total gross amounts of netting adjustments and cash collateral | (487,129) | (2,057,999) | (486,758) | (2,160,315) | Total gross amounts of netting adjustments and cash collateral | (649,362) | (2,104,332) | (486,758) | (2,160,315) | ||||||||||||||||||||||||||||||||||||||||||
Net amounts after netting adjustments and cash collateral | Net amounts after netting adjustments and cash collateral | Net amounts after netting adjustments and cash collateral | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared | Uncleared | 14,183 | 29,370 | 7,862 | 19,107 | Uncleared | 38,209 | 14,680 | 7,862 | 19,107 | ||||||||||||||||||||||||||||||||||||||||||
Cleared | Cleared | 532,345 | — | 426,378 | — | Cleared | 498,180 | — | 426,378 | — | ||||||||||||||||||||||||||||||||||||||||||
Total net amounts after netting adjustments and cash collateral | Total net amounts after netting adjustments and cash collateral | 546,528 | 29,370 | 434,240 | 19,107 | Total net amounts after netting adjustments and cash collateral | 536,389 | 14,680 | 434,240 | 19,107 | ||||||||||||||||||||||||||||||||||||||||||
Derivative instruments not meeting netting requirements (1) | Derivative instruments not meeting netting requirements (1) | 222 | 202 | 181 | 102 | Derivative instruments not meeting netting requirements (1) | 482 | 646 | 181 | 102 | ||||||||||||||||||||||||||||||||||||||||||
Total derivatives, net, at estimated fair value | Total derivatives, net, at estimated fair value | $ | 546,750 | $ | 29,572 | $ | 434,421 | $ | 19,209 | Total derivatives, net, at estimated fair value | $ | 536,871 | $ | 15,326 | $ | 434,421 | $ | 19,209 |
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | 160,877 | $ | 129,012 | $ | (253,041) | $ | 36,848 | |||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | 119,264 | 143,987 | (37,173) | 226,078 | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | (130,274) | (169,185) | 46,695 | (252,764) | |||||||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | 149,867 | $ | 103,814 | $ | (243,519) | $ | 10,162 | |||||||||||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the statement of income (4) | Total interest income (expense) recorded in the statement of income (4) | $ | 502,373 | $ | 212,408 | $ | (598,526) | $ | 116,255 | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | 148,661 | $ | 116,903 | $ | (234,848) | $ | 30,716 | Net interest settlements on derivatives (1) | $ | 27,902 | $ | 23,579 | $ | (58,110) | $ | (6,629) | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | 221,614 | 68,048 | (255,180) | 34,482 | Net gains (losses) on derivatives (2) | 253,211 | 172,199 | (716,889) | (291,479) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | (223,642) | (85,751) | 254,777 | (54,616) | Net gains (losses) on hedged items (3) | (253,803) | (190,174) | 713,132 | 269,155 | ||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | 146,633 | $ | 99,200 | $ | (235,251) | $ | 10,582 | Net impact on net interest income | $ | 27,310 | $ | 5,604 | $ | (61,867) | $ | (28,953) | ||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 491,756 | $ | 200,507 | $ | (543,752) | $ | 148,511 | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | $ | (18,870) | $ | (11,663) | $ | 31,275 | $ | 742 | ||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | 141,937 | 106,280 | (390,352) | (142,135) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | (147,671) | (122,790) | 387,546 | 117,085 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | $ | (24,604) | $ | (28,173) | $ | 28,469 | $ | (24,308) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 67,562 | $ | 38,563 | $ | (99,192) | $ | 6,933 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the statement of income (4) | Total interest income (expense) recorded in the statement of income (4) | $ | 187,002 | $ | 88,443 | $ | (218,109) | $ | 57,336 |
Six Months Ended June 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | 266,555 | $ | 214,175 | $ | (441,901) | $ | 38,829 | Net interest settlements on derivatives (1) | $ | 427,432 | $ | 343,187 | $ | (694,942) | $ | 75,677 | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | 38,303 | (21,150) | 129,196 | 146,349 | Net gains (losses) on derivatives (2) | 157,566 | 128,284 | 92,024 | 377,874 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | (47,135) | (18,521) | (129,893) | (195,549) | Net gains (losses) on hedged items (3) | (177,409) | (188,067) | (83,198) | (448,674) | ||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | 257,723 | $ | 174,504 | $ | (442,598) | $ | (10,371) | Net impact on net interest income | $ | 407,589 | $ | 283,404 | $ | (686,116) | $ | 4,877 | ||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 925,984 | $ | 372,226 | $ | (990,426) | $ | 307,784 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the statement of income (4) | Total interest income (expense) recorded in the statement of income (4) | $ | 1,428,357 | $ | 584,634 | $ | (1,588,952) | $ | 424,039 |
Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||
Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | Net impact of fair-value hedging relationships on net interest income: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on derivatives (1) | Net interest settlements on derivatives (1) | $ | (59,024) | $ | (34,128) | $ | 82,664 | $ | (10,488) | Net interest settlements on derivatives (1) | $ | (31,122) | $ | (10,549) | $ | 24,554 | $ | (17,117) | ||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives (2) | Net gains (losses) on derivatives (2) | 498,571 | 284,010 | (1,290,066) | (507,485) | Net gains (losses) on derivatives (2) | 751,782 | 456,209 | (2,006,955) | (798,964) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on hedged items (3) | Net gains (losses) on hedged items (3) | (500,575) | (314,279) | 1,282,605 | 467,751 | Net gains (losses) on hedged items (3) | (754,378) | (504,453) | 1,995,737 | 736,906 | ||||||||||||||||||||||||||||||||||||||||||
Net impact on net interest income | Net impact on net interest income | $ | (61,028) | $ | (64,397) | $ | 75,203 | $ | (50,222) | Net impact on net interest income | $ | (33,718) | $ | (58,793) | $ | 13,336 | $ | (79,175) | ||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the Statement of Income (4) | $ | 102,603 | $ | 61,008 | $ | (150,891) | $ | 12,720 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest income (expense) recorded in the statement of income (4) | Total interest income (expense) recorded in the statement of income (4) | $ | 289,605 | $ | 149,451 | $ | (369,000) | $ | 70,056 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of Hedge | Type of Hedge | 2023 | 2022 | 2023 | 2022 | Type of Hedge | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives not designated as hedging instruments: | Net gains (losses) on derivatives not designated as hedging instruments: | Net gains (losses) on derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Economic hedges: | Economic hedges: | Economic hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate swaps | Interest-rate swaps | $ | 1,904 | $ | 16,413 | $ | (8,171) | $ | 38,463 | Interest-rate swaps | $ | 26 | $ | (5,903) | $ | (8,145) | $ | 32,560 | ||||||||||||||||||||||||||||||||||
Interest-rate caps/floors | Interest-rate caps/floors | 516 | (42) | (429) | 131 | Interest-rate caps/floors | 431 | 1,150 | 2 | 1,281 | ||||||||||||||||||||||||||||||||||||||||||
Interest-rate forwards | Interest-rate forwards | 723 | 1,768 | 58 | 7,026 | Interest-rate forwards | 794 | 1,428 | 852 | 8,454 | ||||||||||||||||||||||||||||||||||||||||||
Net interest settlements (1) | Net interest settlements (1) | 2,626 | 881 | 12,444 | (1,137) | Net interest settlements (1) | 4,878 | 14,018 | 17,322 | 12,881 | ||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | (799) | (1,817) | (295) | (7,286) | MDCs | (1,246) | (1,709) | (1,541) | (8,995) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives in other income | Net gains (losses) on derivatives in other income | $ | 4,970 | $ | 17,203 | $ | 3,607 | $ | 37,197 | Net gains (losses) on derivatives in other income | $ | 4,883 | $ | 8,984 | $ | 8,490 | $ | 46,181 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Advances | AFS Securities | CO Bonds | |||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost of hedged items (1) | Amortized cost of hedged items (1) | $ | 25,078,490 | $ | 13,586,588 | $ | 37,983,765 | Amortized cost of hedged items (1) | $ | 22,539,611 | $ | 13,626,866 | $ | 37,746,065 | ||||||||||||||||||||||||||||||||||||||
Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||||||||||||||||||||||||||||||||
For active fair-value hedging relationships (2) | For active fair-value hedging relationships (2) | $ | (693,968) | $ | (1,400,651) | $ | (1,987,837) | For active fair-value hedging relationships (2) | $ | (852,723) | $ | (1,642,606) | $ | (2,034,532) | ||||||||||||||||||||||||||||||||||||||
For discontinued fair-value hedging relationships | For discontinued fair-value hedging relationships | — | 282,866 | — | For discontinued fair-value hedging relationships | — | 248,961 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | Total cumulative fair-value hedging basis adjustments on hedged items | $ | (693,968) | $ | (1,117,785) | $ | (1,987,837) | Total cumulative fair-value hedging basis adjustments on hedged items | $ | (852,723) | $ | (1,393,645) | $ | (2,034,532) |
December 31, 2022 | ||||||||||||||||||||
Advances | AFS Securities | CO Bonds | ||||||||||||||||||
Amortized cost of hedged items (1) | $ | 20,766,832 | $ | 12,189,776 | $ | 28,717,246 | ||||||||||||||
Cumulative basis adjustments included in amortized cost: | ||||||||||||||||||||
For active fair-value hedging relationships (2) | $ | (615,898) | $ | (1,417,774) | $ | (2,147,802) | ||||||||||||||
For discontinued fair-value hedging relationships | 39 | 317,888 | — | |||||||||||||||||
Total cumulative fair-value hedging basis adjustments on hedged items | $ | (615,859) | $ | (1,099,886) | $ | (2,147,802) |
Discount Notes | Discount Notes | June 30, 2023 | December 31, 2022 | Discount Notes | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Book value | Book value | $ | 20,199,909 | $ | 27,387,492 | Book value | $ | 17,457,879 | $ | 27,387,492 | ||||||||||||||||||
Par value | Par value | 20,283,393 | 27,533,665 | Par value | 17,557,626 | 27,533,665 | ||||||||||||||||||||||
Weighted average effective interest rate | Weighted average effective interest rate | 5.08 | % | 4.16 | % | Weighted average effective interest rate | 5.39 | % | 4.16 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Year of Contractual Maturity | Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | Year of Contractual Maturity | Amount | WAIR% | Amount | WAIR% | ||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 17,235,125 | 4.31 | $ | 10,016,310 | 3.05 | Due in 1 year or less | $ | 20,145,400 | 4.27 | $ | 10,016,310 | 3.05 | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 13,893,905 | 2.29 | 8,014,590 | 1.48 | Due after 1 through 2 years | 10,361,030 | 1.94 | 8,014,590 | 1.48 | ||||||||||||||||||||||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 5,123,740 | 1.43 | 6,278,940 | 1.37 | Due after 2 through 3 years | 6,616,580 | 1.38 | 6,278,940 | 1.37 | ||||||||||||||||||||||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 5,116,420 | 1.42 | 7,130,600 | 1.25 | Due after 3 through 4 years | 3,435,010 | 1.66 | 7,130,600 | 1.25 | ||||||||||||||||||||||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 1,402,680 | 2.01 | 2,312,540 | 1.76 | Due after 4 through 5 years | 1,807,290 | 2.56 | 2,312,540 | 1.76 | ||||||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 7,701,630 | 2.50 | 8,249,080 | 2.35 | Thereafter | 7,545,380 | 2.66 | 8,249,080 | 2.35 | ||||||||||||||||||||||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | 50,473,500 | 2.83 | 42,002,060 | 1.99 | Total CO bonds, par value | 49,910,690 | 2.92 | 42,002,060 | 1.99 | ||||||||||||||||||||||||||||||||||||||||||
Unamortized premiums | Unamortized premiums | 39,488 | 45,535 | Unamortized premiums | 36,556 | 45,535 | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discounts | Unamortized discounts | (9,781) | (10,165) | Unamortized discounts | (9,269) | (10,165) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized concessions | Unamortized concessions | (7,284) | (7,174) | Unamortized concessions | (7,880) | (7,174) | ||||||||||||||||||||||||||||||||||||||||||||||
Fair-value hedging basis adjustments, net | Fair-value hedging basis adjustments, net | (1,987,837) | (2,147,802) | Fair-value hedging basis adjustments, net | (2,034,532) | (2,147,802) | ||||||||||||||||||||||||||||||||||||||||||||||
Total CO bonds | Total CO bonds | $ | 48,508,086 | $ | 39,882,454 | Total CO bonds | $ | 47,895,565 | $ | 39,882,454 |
Call Feature | Call Feature | June 30, 2023 | December 31, 2022 | Call Feature | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Non-callable / non-putable | Non-callable / non-putable | $ | 14,161,500 | $ | 11,979,560 | Non-callable / non-putable | $ | 12,629,865 | $ | 11,979,560 | ||||||||||||||||||
Callable | Callable | 36,312,000 | 30,022,500 | Callable | 37,280,825 | 30,022,500 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 50,473,500 | $ | 42,002,060 | Total CO bonds, par value | $ | 49,910,690 | $ | 42,002,060 |
Year of Contractual Maturity or Next Call Date | Year of Contractual Maturity or Next Call Date | June 30, 2023 | December 31, 2022 | Year of Contractual Maturity or Next Call Date | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 44,850,625 | $ | 37,066,810 | Due in 1 year or less | $ | 44,977,900 | $ | 37,066,810 | ||||||||||||||||||
Due after 1 through 2 years | Due after 1 through 2 years | 2,543,905 | 1,444,590 | Due after 1 through 2 years | 2,054,030 | 1,444,590 | ||||||||||||||||||||||
Due after 2 through 3 years | Due after 2 through 3 years | 872,740 | 770,940 | Due after 2 through 3 years | 865,080 | 770,940 | ||||||||||||||||||||||
Due after 3 through 4 years | Due after 3 through 4 years | 384,920 | 804,100 | Due after 3 through 4 years | 230,010 | 804,100 | ||||||||||||||||||||||
Due after 4 through 5 years | Due after 4 through 5 years | 326,680 | 268,540 | Due after 4 through 5 years | 580,290 | 268,540 | ||||||||||||||||||||||
Thereafter | Thereafter | 1,494,630 | 1,647,080 | Thereafter | 1,203,380 | 1,647,080 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 50,473,500 | $ | 42,002,060 | Total CO bonds, par value | $ | 49,910,690 | $ | 42,002,060 |
Interest-Rate Payment Type | Interest-Rate Payment Type | June 30, 2023 | December 31, 2022 | Interest-Rate Payment Type | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Fixed-rate | Fixed-rate | $ | 46,421,500 | $ | 36,957,560 | Fixed-rate | $ | 46,556,690 | $ | 36,957,560 | ||||||||||||||||||
Step-up | Step-up | 1,418,500 | 2,268,500 | Step-up | 1,418,500 | 2,268,500 | ||||||||||||||||||||||
Simple variable-rate | Simple variable-rate | 2,633,500 | 2,776,000 | Simple variable-rate | 1,935,500 | 2,776,000 | ||||||||||||||||||||||
Total CO bonds, par value | Total CO bonds, par value | $ | 50,473,500 | $ | 42,002,060 | Total CO bonds, par value | $ | 49,910,690 | $ | 42,002,060 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
AHP Activity | AHP Activity | 2023 | 2022 | 2023 | 2022 | AHP Activity | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Liability at beginning of period | Liability at beginning of period | $ | 46,615 | $ | 31,937 | $ | 38,170 | $ | 31,049 | Liability at beginning of period | $ | 53,135 | $ | 28,953 | $ | 38,170 | $ | 31,049 | ||||||||||||||||||||||||||||||||||
Assessments (1) | Assessments (1) | 10,637 | 3,623 | 21,280 | 6,828 | Assessments (1) | 10,568 | 5,218 | 31,849 | 12,046 | ||||||||||||||||||||||||||||||||||||||||||
Subsidy usage, net (2) | Subsidy usage, net (2) | (4,117) | (6,607) | (6,315) | (8,924) | Subsidy usage, net (2) | (5,659) | (2,978) | (11,975) | (11,902) | ||||||||||||||||||||||||||||||||||||||||||
Liability at end of period | Liability at end of period | $ | 53,135 | $ | 28,953 | $ | 53,135 | $ | 28,953 | Liability at end of period | $ | 58,044 | $ | 31,193 | $ | 58,044 | $ | 31,193 |
Capital Stock Sub-Series | Capital Stock Sub-Series | June 30, 2023 | December 31, 2022 | Capital Stock Sub-Series | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Class B-1 (1) | Class B-1 (1) | $ | 734,001 | $ | 535,345 | Class B-1 (1) | $ | 546,166 | $ | 535,345 | ||||||||||||||||||
Class B-2 (2) | Class B-2 (2) | 1,646,489 | 1,587,780 | Class B-2 (2) | 1,681,080 | 1,587,780 | ||||||||||||||||||||||
Total Class B | Total Class B | $ | 2,380,490 | $ | 2,123,125 | Total Class B | $ | 2,227,246 | $ | 2,123,125 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
MRCS Activity | MRCS Activity | 2023 | 2022 | 2023 | 2022 | MRCS Activity | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Liability at beginning of period | Liability at beginning of period | $ | 372,487 | $ | 45,591 | $ | 372,503 | $ | 50,422 | Liability at beginning of period | $ | 370,622 | $ | 45,583 | $ | 372,503 | $ | 50,422 | ||||||||||||||||||||||||||||||||||
Reclassification from capital stock | Reclassification from capital stock | — | — | 13 | — | Reclassification from capital stock | — | — | 13 | — | ||||||||||||||||||||||||||||||||||||||||||
Redemptions/repurchases | Redemptions/repurchases | (1,865) | (8) | (1,894) | (4,839) | Redemptions/repurchases | (2,714) | (2,293) | (4,608) | (7,132) | ||||||||||||||||||||||||||||||||||||||||||
Liability at end of period | Liability at end of period | $ | 370,622 | $ | 45,583 | $ | 370,622 | $ | 45,583 | Liability at end of period | $ | 367,908 | $ | 43,290 | $ | 367,908 | $ | 43,290 |
MRCS Contractual Year of Redemption | MRCS Contractual Year of Redemption | June 30, 2023 | December 31, 2022 | MRCS Contractual Year of Redemption | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Past contractual redemption date (1) | Past contractual redemption date (1) | $ | 777 | $ | 498 | Past contractual redemption date (1) | $ | 763 | $ | 498 | ||||||||||||||||||
Year 1 (2) | Year 1 (2) | 8,743 | 10,048 | Year 1 (2) | 15,047 | 10,048 | ||||||||||||||||||||||
Year 2 | Year 2 | 12,124 | 9,872 | Year 2 | 3,530 | 9,872 | ||||||||||||||||||||||
Year 3 | Year 3 | 16,059 | 19,179 | Year 3 | 19,323 | 19,179 | ||||||||||||||||||||||
Year 4 | Year 4 | 3,674 | 3,674 | Year 4 | — | 3,674 | ||||||||||||||||||||||
Year 5 | Year 5 | 329,245 | 329,232 | Year 5 | 329,245 | 329,232 | ||||||||||||||||||||||
Total MRCS | Total MRCS | $ | 370,622 | $ | 372,503 | Total MRCS | $ | 367,908 | $ | 372,503 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
MRCS Distributions | MRCS Distributions | 2023 | 2022 | 2023 | 2022 | MRCS Distributions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Recorded as interest expense | Recorded as interest expense | $ | 4,370 | $ | 269 | $ | 8,480 | $ | 514 | Recorded as interest expense | $ | 4,348 | $ | 408 | $ | 12,828 | $ | 922 | ||||||||||||||||||||||||||||||||||
Recorded as distributions from retained earnings | Recorded as distributions from retained earnings | 1 | — | 707 | — | Recorded as distributions from retained earnings | — | — | 707 | — | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,371 | $ | 269 | $ | 9,187 | $ | 514 | Total | $ | 4,348 | $ | 408 | $ | 13,535 | $ | 922 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements | Required | Actual | Required | Actual | Regulatory Capital Requirements | Required | Actual | Required | Actual | ||||||||||||||||||||||||||||||||||||||||||
Risk-based capital | Risk-based capital | $ | 1,158,404 | $ | 4,164,585 | $ | 489,240 | $ | 3,781,992 | Risk-based capital | $ | 1,111,684 | $ | 4,064,101 | $ | 489,240 | $ | 3,781,992 | ||||||||||||||||||||||||||||||||||
Total regulatory capital | Total regulatory capital | $ | 2,970,818 | $ | 4,164,585 | $ | 2,891,351 | $ | 3,781,992 | Total regulatory capital | $ | 2,841,645 | $ | 4,064,101 | $ | 2,891,351 | $ | 3,781,992 | ||||||||||||||||||||||||||||||||||
Total regulatory capital-to-assets ratio | Total regulatory capital-to-assets ratio | 4.00% | 5.61% | 4.00% | 5.23% | Total regulatory capital-to-assets ratio | 4.00% | 5.72% | 4.00% | 5.23% | ||||||||||||||||||||||||||||||||||||||||||
Leverage capital | Leverage capital | $ | 3,713,523 | $ | 6,246,878 | $ | 3,614,189 | $ | 5,672,988 | Leverage capital | $ | 3,552,056 | $ | 6,096,151 | $ | 3,614,189 | $ | 5,672,988 | ||||||||||||||||||||||||||||||||||
Leverage ratio | Leverage ratio | 5.00% | 8.41% | 5.00% | 7.85% | Leverage ratio | 5.00% | 8.58% | 5.00% | 7.85% |
AOCI Rollforward | AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI (Loss) | AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI (Loss) | ||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | (57,916) | $ | (15,512) | $ | (73,428) | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | Balance, June 30, 2023 | $ | 3,995 | $ | (14,306) | $ | (10,311) | |||||||||||||||||||||||||||||||||
OCI before reclassifications: | OCI before reclassifications: | OCI before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 61,911 | — | 61,911 | |||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | Net change in unrealized gains (losses) | (24,026) | — | (24,026) | ||||||||||||||||||||||||||||||||||||
Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | ||||||||||||||||||||||||||||||||||||||
Net realized losses from sales of AFS securities | Net realized losses from sales of AFS securities | 6,568 | — | 6,568 | ||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | — | 1,206 | 1,206 | Pension benefits, net | — | 547 | 547 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | 61,911 | 1,206 | 63,117 | Total other comprehensive income | (17,458) | 547 | (16,911) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 3,995 | $ | (14,306) | $ | (10,311) | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | (13,463) | $ | (13,759) | $ | (27,222) | |||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | 77,479 | $ | (18,424) | $ | 59,055 | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | Balance, June 30, 2022 | $ | 32,251 | $ | (18,095) | $ | 14,156 | |||||||||||||||||||||||||||||||||
OCI before reclassifications: | OCI before reclassifications: | OCI before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | Net change in unrealized gains (losses) | (45,228) | — | (45,228) | Net change in unrealized gains (losses) | (16,452) | — | (16,452) | ||||||||||||||||||||||||||||||||
Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | ||||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | — | 329 | 329 | Pension benefits, net | — | 609 | 609 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (45,228) | 329 | (44,899) | Total other comprehensive income (loss) | (16,452) | 609 | (15,843) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 32,251 | $ | (18,095) | $ | 14,156 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 15,799 | $ | (17,486) | $ | (1,687) |
AOCI Rollforward | AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI (Loss) | AOCI Rollforward | Unrealized Gains (Losses) on AFS Securities | Pension Benefits | Total AOCI (Loss) | ||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | Balance, December 31, 2022 | $ | (9,939) | $ | (15,852) | $ | (25,791) | Balance, December 31, 2022 | $ | (9,939) | $ | (15,852) | $ | (25,791) | ||||||||||||||||||||||||||
OCI before reclassifications: | OCI before reclassifications: | OCI before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains | 13,934 | — | 13,934 | |||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | Net change in unrealized gains (losses) | (10,234) | — | (10,234) | ||||||||||||||||||||||||||||||||||||
Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | ||||||||||||||||||||||||||||||||||||||
Net realized losses from sales of AFS securities | Net realized losses from sales of AFS securities | 6,710 | — | 6,710 | ||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | — | 1,546 | 1,546 | Pension benefits, net | — | 2,093 | 2,093 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | 13,934 | 1,546 | 15,480 | Total other comprehensive income | (3,524) | 2,093 | (1,431) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | 3,995 | $ | (14,306) | $ | (10,311) | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | Balance, September 30, 2023 | $ | (13,463) | $ | (13,759) | $ | (27,222) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 151,942 | $ | (18,884) | $ | 133,058 | Balance, December 31, 2021 | $ | 151,942 | $ | (18,884) | $ | 133,058 | ||||||||||||||||||||||||||
OCI before reclassifications: | OCI before reclassifications: | OCI before reclassifications: | ||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) | Net change in unrealized gains (losses) | (119,691) | — | (119,691) | Net change in unrealized gains (losses) | (136,143) | — | (136,143) | ||||||||||||||||||||||||||||||||
Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | Reclassifications from OCI to net income: | ||||||||||||||||||||||||||||||||||||||
Pension benefits, net | Pension benefits, net | — | 789 | 789 | Pension benefits, net | — | 1,398 | 1,398 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | (119,691) | 789 | (118,902) | Total other comprehensive income (loss) | (136,143) | 1,398 | (134,745) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | $ | 32,251 | $ | (18,095) | $ | 14,156 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 15,799 | $ | (17,486) | $ | (1,687) |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 112,133 | $ | 11,460 | $ | 123,593 | $ | 50,671 | $ | 13,151 | $ | 63,822 | Net interest income | $ | 115,311 | $ | 12,644 | $ | 127,955 | $ | 59,854 | $ | 12,721 | $ | 72,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | (3) | (3) | — | (38) | (38) | Provision for (reversal of) credit losses | — | (233) | (233) | — | (8) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | 9,031 | 120 | 9,151 | (1,732) | 34 | (1,698) | Other income (loss) | 481 | (384) | 97 | 7,367 | (167) | 7,200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 26,855 | 3,893 | 30,748 | 22,436 | 3,767 | 26,203 | Other expenses | 23,111 | 3,840 | 26,951 | 23,879 | 4,134 | 28,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 94,309 | 7,690 | 101,999 | 26,503 | 9,456 | 35,959 | Income before assessments | 92,681 | 8,653 | 101,334 | 43,342 | 8,428 | 51,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | Affordable Housing Program assessments | 9,868 | 769 | 10,637 | 2,677 | 946 | 3,623 | Affordable Housing Program assessments | 9,703 | 865 | 10,568 | 4,375 | 843 | 5,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 84,441 | $ | 6,921 | $ | 91,362 | $ | 23,826 | $ | 8,510 | $ | 32,336 | Net income | $ | 82,978 | $ | 7,788 | $ | 90,766 | $ | 38,967 | $ | 7,585 | $ | 46,552 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | Traditional | Mortgage Loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 202,802 | $ | 24,440 | $ | 227,242 | $ | 103,361 | $ | 25,045 | $ | 128,406 | Net interest income | $ | 318,114 | $ | 37,084 | $ | 355,198 | $ | 163,325 | $ | 37,656 | $ | 200,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | (2) | (2) | — | (60) | (60) | Provision for (reversal of) credit losses | — | (234) | (234) | — | (68) | (68) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | 39,283 | 15 | 39,298 | (8,942) | (158) | (9,100) | Other income (loss) | 39,764 | (369) | 39,395 | (1,575) | (325) | (1,900) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 54,272 | 7,947 | 62,219 | 44,202 | 7,395 | 51,597 | Other expenses | 77,383 | 11,786 | 89,169 | 68,081 | 11,529 | 79,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 187,813 | 16,510 | 204,323 | 50,217 | 17,552 | 67,769 | Income before assessments | 280,495 | 25,163 | 305,658 | 93,669 | 25,870 | 119,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Affordable Housing Program assessments | Affordable Housing Program assessments | 19,629 | 1,651 | 21,280 | 5,073 | 1,755 | 6,828 | Affordable Housing Program assessments | 29,333 | 2,516 | 31,849 | 9,459 | 2,587 | 12,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 168,184 | $ | 14,859 | $ | 183,043 | $ | 45,144 | $ | 15,797 | $ | 60,941 | Net income | $ | 251,162 | $ | 22,647 | $ | 273,809 | $ | 84,210 | $ | 23,283 | $ | 107,493 |
Date | Date | Traditional | Mortgage Loans | Total | Date | Traditional | Mortgage Loans | Total | ||||||||||||||||||||||||||||||||
June 30, 2023 | $ | 66,371,402 | $ | 7,899,050 | $ | 74,270,452 | ||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2023 | $ | 62,779,683 | $ | 8,261,434 | $ | 71,041,117 | |||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | 64,597,325 | 7,686,455 | 72,283,780 | December 31, 2022 | 64,597,325 | 7,686,455 | 72,283,780 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Netting | Carrying | Netting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 63,585 | $ | 63,585 | $ | 63,585 | $ | — | $ | — | $ | — | Cash and due from banks | $ | 56,465 | $ | 56,465 | $ | 56,465 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 817,845 | 817,845 | 817,803 | 42 | — | — | Interest-bearing deposits | 860,058 | 860,058 | 860,016 | 42 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 4,400,000 | 4,400,000 | — | 4,400,000 | — | — | Securities purchased under agreements to resell | 3,450,000 | 3,450,000 | — | 3,450,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 5,027,000 | 5,027,000 | — | 5,027,000 | — | — | Federal funds sold | 3,392,000 | 3,392,000 | — | 3,392,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 345,258 | 345,258 | — | 345,258 | — | — | Trading securities | 446,617 | 446,617 | — | 446,617 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities | AFS securities | 13,590,583 | 13,590,583 | — | 13,590,583 | — | — | AFS securities | 13,613,403 | 13,613,403 | — | 13,613,403 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HTM securities | HTM securities | 4,837,706 | 4,752,998 | — | 4,752,998 | — | — | HTM securities | 5,359,706 | 5,274,222 | — | 5,274,222 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | 36,234,221 | 36,070,388 | — | 36,070,388 | — | — | Advances | 34,781,490 | 34,594,500 | — | 34,594,500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,899,050 | 7,106,163 | — | 7,101,949 | 4,214 | — | Mortgage loans held for portfolio, net | 8,261,434 | 7,155,691 | — | 7,152,361 | 3,330 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans to other FHLBanks | 250,000 | 250,000 | — | 250,000 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | Accrued interest receivable | 156,432 | 156,432 | — | 156,432 | — | — | Accrued interest receivable | 183,321 | 183,321 | — | 183,321 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets, net | Derivative assets, net | 546,750 | 546,750 | — | 1,033,879 | — | (487,129) | Derivative assets, net | 536,871 | 536,871 | — | 1,186,233 | — | (649,362) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets (2) | Grantor trust assets (2) | 57,432 | 57,432 | 57,432 | — | — | — | Grantor trust assets (2) | 56,016 | 56,016 | 56,016 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 663,307 | 663,307 | — | 663,307 | — | — | Deposits | 602,721 | 602,721 | — | 602,721 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations: | Consolidated obligations: | Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 20,199,909 | 20,205,412 | — | 20,205,412 | — | — | Discount notes | 17,457,879 | 17,459,771 | — | 17,459,771 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonds | Bonds | 48,508,086 | 47,469,514 | — | 47,469,514 | — | — | Bonds | 47,895,565 | 46,732,215 | — | 46,732,215 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest payable | Accrued interest payable | 283,062 | 283,062 | — | 283,062 | — | — | Accrued interest payable | 356,061 | 356,061 | — | 356,061 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities, net | Derivative liabilities, net | 29,572 | 29,572 | — | 2,087,571 | — | (2,057,999) | Derivative liabilities, net | 15,326 | 15,326 | — | 2,119,658 | — | (2,104,332) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 370,622 | 370,622 | 370,622 | — | — | — | MRCS | 367,908 | 367,908 | 367,908 | — | — | — |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
Carrying | Netting | |||||||||||||||||||||||||||||||||||||
Financial Instruments | Value | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 21,161 | $ | 21,161 | $ | 21,161 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Interest-bearing deposits | 856,060 | 856,060 | 856,019 | 41 | — | — | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | 4,550,000 | 4,550,000 | — | 4,550,000 | — | — | ||||||||||||||||||||||||||||||||
Federal funds sold | 3,148,000 | 3,148,000 | — | 3,148,000 | — | — | ||||||||||||||||||||||||||||||||
Trading securities | 2,230,248 | 2,230,248 | — | 2,230,248 | — | — | ||||||||||||||||||||||||||||||||
AFS securities | 12,179,837 | 12,179,837 | — | 12,179,837 | — | — | ||||||||||||||||||||||||||||||||
HTM securities | 4,240,201 | 4,156,218 | — | 4,156,218 | — | — | ||||||||||||||||||||||||||||||||
Advances | 36,682,459 | 36,468,949 | — | 36,468,949 | — | — | ||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | 7,686,455 | 6,867,904 | — | 6,859,956 | 7,948 | — | ||||||||||||||||||||||||||||||||
Accrued interest receivable | 152,867 | 152,867 | — | 152,867 | — | — | ||||||||||||||||||||||||||||||||
Derivative assets, net | 434,421 | 434,421 | — | 921,179 | — | (486,758) | ||||||||||||||||||||||||||||||||
Grantor trust assets (2) | 53,166 | 53,166 | 53,166 | — | — | — | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Deposits | 595,907 | 595,907 | — | 595,907 | — | — | ||||||||||||||||||||||||||||||||
Consolidated obligations: | ||||||||||||||||||||||||||||||||||||||
Discount notes | 27,387,492 | 27,387,547 | — | 27,387,547 | — | — | ||||||||||||||||||||||||||||||||
Bonds | 39,882,454 | 38,690,400 | — | 38,690,400 | — | — | ||||||||||||||||||||||||||||||||
Accrued interest payable | 162,584 | 162,584 | — | 162,584 | — | — | ||||||||||||||||||||||||||||||||
Derivative liabilities, net | 19,209 | 19,209 | — | 2,179,524 | — | (2,160,315) | ||||||||||||||||||||||||||||||||
MRCS | 372,503 | 372,503 | 372,503 | — | — | — |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Netting | Netting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | Financial Instruments | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | $ | 345,258 | $ | — | $ | 345,258 | $ | — | $ | — | U.S. Treasury obligations | $ | 446,617 | $ | — | $ | 446,617 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 345,258 | — | 345,258 | — | — | Total trading securities | 446,617 | — | 446,617 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | AFS securities: | AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 5,357,112 | — | 5,357,112 | — | — | U.S. Treasury obligations | 5,470,857 | — | 5,470,857 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 1,771,170 | — | 1,771,170 | — | — | GSE and TVA debentures | 1,764,753 | — | 1,764,753 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,462,301 | — | 6,462,301 | — | — | GSE multifamily MBS | 6,377,793 | — | 6,377,793 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | 13,590,583 | — | 13,590,583 | — | — | Total AFS securities | 13,613,403 | — | 13,613,403 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets: | Derivative assets: | Derivative assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | 546,713 | — | 1,033,842 | — | (487,129) | Interest-rate related | 536,803 | — | 1,186,165 | — | (649,362) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 37 | — | 37 | — | — | MDCs | 68 | — | 68 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets, net | Total derivative assets, net | 546,750 | — | 1,033,879 | — | (487,129) | Total derivative assets, net | 536,871 | — | 1,186,233 | — | (649,362) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets: | Other assets: | Other assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grantor trust assets | Grantor trust assets | 57,432 | 57,432 | — | — | — | Grantor trust assets | 56,016 | 56,016 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at recurring estimated fair value | Total assets at recurring estimated fair value | $ | 14,540,023 | $ | 57,432 | $ | 14,969,720 | $ | — | $ | (487,129) | Total assets at recurring estimated fair value | $ | 14,652,907 | $ | 56,016 | $ | 15,246,253 | $ | — | $ | (649,362) | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | Derivative liabilities: | Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-rate related | Interest-rate related | $ | 29,384 | $ | — | $ | 2,087,383 | $ | — | $ | (2,057,999) | Interest-rate related | $ | 14,826 | $ | — | $ | 2,119,158 | $ | — | $ | (2,104,332) | ||||||||||||||||||||||||||||||||||||||||||
MDCs | MDCs | 188 | — | 188 | — | — | MDCs | 500 | — | 500 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative liabilities, net | Total derivative liabilities, net | 29,572 | — | 2,087,571 | — | (2,057,999) | Total derivative liabilities, net | 15,326 | — | 2,119,658 | — | (2,104,332) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | Total liabilities at recurring estimated fair value | $ | 29,572 | $ | — | $ | 2,087,571 | $ | — | $ | (2,057,999) | Total liabilities at recurring estimated fair value | $ | 15,326 | $ | — | $ | 2,119,658 | $ | — | $ | (2,104,332) |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Netting | ||||||||||||||||||||||||||||||||
Financial Instruments | Total | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury obligations | $ | 2,230,248 | $ | — | $ | 2,230,248 | $ | — | $ | — | ||||||||||||||||||||||
Total trading securities | 2,230,248 | — | 2,230,248 | — | — | |||||||||||||||||||||||||||
AFS securities: | ||||||||||||||||||||||||||||||||
U.S. Treasury obligations | 4,209,674 | — | 4,209,674 | — | — | |||||||||||||||||||||||||||
GSE and TVA debentures | 1,902,703 | — | 1,902,703 | — | — | |||||||||||||||||||||||||||
GSE multifamily MBS | 6,067,460 | — | 6,067,460 | — | — | |||||||||||||||||||||||||||
Total AFS securities | 12,179,837 | — | 12,179,837 | — | — | |||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||
Interest-rate related | 434,371 | — | 921,129 | — | (486,758) | |||||||||||||||||||||||||||
MDCs | 50 | — | 50 | — | — | |||||||||||||||||||||||||||
Total derivative assets, net | 434,421 | — | 921,179 | — | (486,758) | |||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||
Grantor trust assets | 53,166 | 53,166 | — | — | — | |||||||||||||||||||||||||||
Total assets at recurring estimated fair value | $ | 14,897,672 | $ | 53,166 | $ | 15,331,264 | $ | — | $ | (486,758) | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest-rate related | $ | 19,107 | $ | — | $ | 2,179,422 | $ | — | $ | (2,160,315) | ||||||||||||||||||||||
MDCs | 102 | — | 102 | — | — | |||||||||||||||||||||||||||
Total derivative liabilities, net | 19,209 | — | 2,179,524 | — | (2,160,315) | |||||||||||||||||||||||||||
Total liabilities at recurring estimated fair value | $ | 19,209 | $ | — | $ | 2,179,524 | $ | — | $ | (2,160,315) |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Type of Commitment | Type of Commitment | Expire within one year | Expire after one year | Total | Type of Commitment | Expire within one year | Expire after one year | Total | ||||||||||||||||||||||||||||||||
Standby letters of credit outstanding (1) | Standby letters of credit outstanding (1) | $ | 403,380 | $ | 301,657 | $ | 705,037 | Standby letters of credit outstanding (1) | $ | 826,846 | $ | 361,161 | $ | 1,188,007 | ||||||||||||||||||||||||||
Commitments for standby bond purchases | Commitments for standby bond purchases | — | 195,814 | 195,814 | Commitments for standby bond purchases | — | 195,914 | 195,914 | ||||||||||||||||||||||||||||||||
Unused lines of credit (2) | Unused lines of credit (2) | 1,106,859 | — | 1,106,859 | Unused lines of credit (2) | 1,162,674 | — | 1,162,674 | ||||||||||||||||||||||||||||||||
Commitments to fund additional advances (3) | Commitments to fund additional advances (3) | 76,317 | 4,087 | 80,404 | Commitments to fund additional advances (3) | 13,850 | 4,087 | 17,937 | ||||||||||||||||||||||||||||||||
Commitments to purchase mortgage loans, net (4) | Commitments to purchase mortgage loans, net (4) | 81,787 | — | 81,787 | Commitments to purchase mortgage loans, net (4) | 158,701 | — | 158,701 | ||||||||||||||||||||||||||||||||
Unsettled CO bonds, at par | 178,825 | — | 178,825 | |||||||||||||||||||||||||||||||||||||
Unsettled discount notes, at par | Unsettled discount notes, at par | 86,500 | — | 86,500 | Unsettled discount notes, at par | 302,970 | — | 302,970 |
Transactions with Directors' Financial Institutions | Transactions with Directors' Financial Institutions | Three Months Ended June 30, | Six Months Ended June 30, | Transactions with Directors' Financial Institutions | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Net capital stock issuances (redemptions and repurchases) | Net capital stock issuances (redemptions and repurchases) | $ | 1,402 | $ | 3,437 | $ | 3,805 | $ | (46,983) | Net capital stock issuances (redemptions and repurchases) | $ | 137 | $ | 6,839 | $ | 3,942 | $ | (40,144) | ||||||||||||||||||||||||||||||||||
Net advances (repayments) | Net advances (repayments) | (74,218) | 3,034,988 | (125,512) | 1,234,703 | Net advances (repayments) | 35,232 | 519,393 | (90,280) | 1,754,096 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loan purchases | Mortgage loan purchases | 10,881 | 4,025 | 14,004 | 12,747 | Mortgage loan purchases | 14,386 | 1,736 | 28,390 | 14,483 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances with Directors' Financial Institutions | Balances with Directors' Financial Institutions | Par Value | % of Total | Par Value | % of Total | Balances with Directors' Financial Institutions | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | $ | 56,221 | 2 | % | $ | 49,869 | 2 | % | Capital stock | $ | 56,358 | 2 | % | $ | 49,869 | 2 | % | ||||||||||||||||||||||||||||||||||
Advances | Advances | 736,725 | 2 | % | 886,191 | 2 | % | Advances | 773,720 | 2 | % | 886,191 | 2 | % |
Average for Three Months Ended | Average for Six Months Ended | Period End | ||||||||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Federal Funds Effective | 4.99 | % | 0.76 | % | 4.76 | % | 0.44 | % | 5.08 | % | 4.33 | % | ||||||||||||||||||||||||||
SOFR | 4.97 | % | 0.71 | % | 4.73 | % | 0.40 | % | 5.09 | % | 4.30 | % | ||||||||||||||||||||||||||
Overnight LIBOR (1) | 4.98 | % | 0.77 | % | 4.73 | % | 0.44 | % | 5.06 | % | 4.32 | % | ||||||||||||||||||||||||||
1-week Overnight-Indexed Swap | 5.01 | % | 0.84 | % | 4.78 | % | 0.49 | % | 5.07 | % | 4.34 | % | ||||||||||||||||||||||||||
3-month LIBOR (1) | 5.40 | % | 1.54 | % | 5.15 | % | 1.02 | % | 5.55 | % | 4.77 | % | ||||||||||||||||||||||||||
3-month U.S. Treasury yield | 5.17 | % | 1.07 | % | 4.94 | % | 0.69 | % | 5.30 | % | 4.37 | % | ||||||||||||||||||||||||||
2-year U.S Treasury yield | 4.29 | % | 2.72 | % | 4.32 | % | 2.09 | % | 4.90 | % | 4.43 | % | ||||||||||||||||||||||||||
10-year U.S. Treasury yield | 3.60 | % | 2.93 | % | 3.62 | % | 2.44 | % | 3.84 | % | 3.88 | % |
Average for Three Months Ended | Average for Nine Months Ended | Period End | ||||||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Federal Funds Effective | 5.26 | % | 2.20 | % | 4.93 | % | 1.04 | % | 5.33 | % | 4.33 | % | ||||||||||||||||||||||||||
SOFR | 5.24 | % | 2.15 | % | 4.90 | % | 0.99 | % | 5.31 | % | 4.30 | % | ||||||||||||||||||||||||||
1-week Overnight-Indexed Swap | 5.28 | % | 2.31 | % | 4.95 | % | 1.10 | % | 5.33 | % | 4.34 | % | ||||||||||||||||||||||||||
3-month U.S. Treasury yield | 5.43 | % | 2.67 | % | 5.11 | % | 1.36 | % | 5.45 | % | 4.37 | % | ||||||||||||||||||||||||||
2-year U.S Treasury yield | 4.94 | % | 3.38 | % | 4.53 | % | 2.53 | % | 5.05 | % | 4.43 | % | ||||||||||||||||||||||||||
10-year U.S. Treasury yield | 4.14 | % | 3.10 | % | 3.80 | % | 2.66 | % | 4.57 | % | 3.88 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | Condensed Statements of Comprehensive Income | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 124 | $ | 64 | $ | 60 | 94 | % | $ | 227 | $ | 128 | $ | 99 | 77 | % | Net interest income | $ | 128 | $ | 73 | $ | 55 | 76 | % | $ | 355 | $ | 201 | $ | 154 | 77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | — | — | Provision for (reversal of) credit losses | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 124 | 64 | 60 | 94 | % | 227 | 128 | 99 | 77 | % | Net interest income after provision for credit losses | 128 | 73 | 55 | 77 | % | 355 | 201 | 154 | 77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | 9 | (2) | 11 | 39 | (9) | 48 | Other income (loss) | — | 7 | (7) | 39 | (2) | 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 31 | 26 | 5 | 62 | 51 | 11 | Other expenses | 27 | 28 | (1) | 89 | 80 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 102 | 36 | 66 | 184 | % | 204 | 68 | 136 | 201 | % | Income before assessments | 101 | 52 | 49 | 96 | % | 305 | 119 | 186 | 156 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 11 | 4 | 7 | 21 | 7 | 14 | AHP assessments | 10 | 5 | 5 | 31 | 12 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 91 | 32 | 59 | 183 | % | 183 | 61 | 122 | 200 | % | Net income | 91 | 47 | 44 | 95 | % | 274 | 107 | 167 | 155 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 63 | (45) | 108 | 16 | (119) | 135 | Total other comprehensive income (loss) | (17) | (16) | (1) | (1) | (135) | 134 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | Total comprehensive income (loss) | $ | 154 | $ | (13) | $ | 167 | 1,330 | % | $ | 199 | $ | (58) | $ | 257 | 443 | % | Total comprehensive income (loss) | $ | 74 | $ | 31 | $ | 43 | 141 | % | $ | 273 | $ | (28) | $ | 301 | 1,099 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Ratios | Ratios | 2023 | 2022 | 2023 | 2022 | Ratios | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Return on average assets | Return on average assets | 0.50 | % | 0.21 | % | 0.51 | % | 0.20 | % | Return on average assets | 0.51 | % | 0.28 | % | 0.51 | % | 0.23 | % | ||||||||||||||||||||||||||||||||||
Return on average equity | Return on average equity | 10.16 | % | 3.71 | % | 10.50 | % | 3.48 | % | Return on average equity | 9.70 | % | 5.23 | % | 10.22 | % | 4.07 | % |
Condensed Statements of Condition | Condensed Statements of Condition | June 30, 2023 | December 31, 2022 | $ Change | % Change | Condensed Statements of Condition | September 30, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 36,234 | $ | 36,683 | $ | (449) | (1) | % | Advances | $ | 34,781 | $ | 36,683 | $ | (1,902) | (5) | % | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,899 | 7,687 | 212 | 3 | % | Mortgage loans held for portfolio, net | 8,261 | 7,687 | 574 | 7 | % | ||||||||||||||||||||||||||||||||||||||||
Liquidity investments (1) | Liquidity investments (1) | 10,654 | 10,805 | (151) | (1) | % | Liquidity investments (1) | 8,205 | 10,805 | (2,600) | (24) | % | ||||||||||||||||||||||||||||||||||||||||
Other investment securities (2) | Other investment securities (2) | 18,428 | 16,420 | 2,008 | 12 | % | Other investment securities (2) | 18,973 | 16,420 | 2,553 | 16 | % | ||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 1,055 | 689 | 366 | 53 | % | Other assets | 821 | 689 | 132 | 19 | % | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 74,270 | $ | 72,284 | $ | 1,986 | 3 | % | Total assets | $ | 71,041 | $ | 72,284 | $ | (1,243) | (2) | % | ||||||||||||||||||||||||||||||||||
Consolidated obligations | Consolidated obligations | $ | 68,708 | $ | 67,270 | $ | 1,438 | 2 | % | Consolidated obligations | $ | 65,353 | $ | 67,270 | $ | (1,917) | (3) | % | ||||||||||||||||||||||||||||||||||
MRCS | MRCS | 371 | 373 | (2) | (1) | % | MRCS | 368 | 373 | (5) | (1) | % | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 1,407 | 1,257 | 150 | 12 | % | Other liabilities | 1,651 | 1,257 | 394 | 31 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 70,486 | 68,900 | 1,586 | 2 | % | Total liabilities | 67,372 | 68,900 | (1,528) | (2) | % | ||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | 2,381 | 2,123 | 258 | 12 | % | Capital stock | 2,227 | 2,123 | 104 | 5 | % | ||||||||||||||||||||||||||||||||||||||||
Retained earnings (3) | Retained earnings (3) | 1,413 | 1,287 | 126 | 10 | % | Retained earnings (3) | 1,469 | 1,287 | 182 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
AOCI | AOCI | (10) | (26) | 16 | 60 | % | AOCI | (27) | (26) | (1) | (6) | % | ||||||||||||||||||||||||||||||||||||||||
Total capital | Total capital | 3,784 | 3,384 | 400 | 12 | % | Total capital | 3,669 | 3,384 | 285 | 8 | % | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 74,270 | $ | 72,284 | $ | 1,986 | 3 | % | Total liabilities and capital | $ | 71,041 | $ | 72,284 | $ | (1,243) | (2) | % | ||||||||||||||||||||||||||||||||||
Total regulatory capital (4) | Total regulatory capital (4) | $ | 4,165 | $ | 3,783 | $ | 382 | 10 | % | Total regulatory capital (4) | $ | 4,064 | $ | 3,783 | $ | 281 | 7 | % |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | $ | 3,170 | $ | 40 | 5.03 | % | $ | 3,298 | $ | 6 | 0.74 | % | Securities purchased under agreements to resell | $ | 1,801 | $ | 24 | 5.32 | % | $ | 3,043 | $ | 17 | 2.15 | % | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 5,204 | 66 | 5.08 | % | 3,925 | 8 | 0.79 | % | Federal funds sold | 4,844 | 65 | 5.33 | % | 4,448 | 26 | 2.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MBS (3)(4) | MBS (3)(4) | 11,342 | 163 | 5.76 | % | 9,802 | 36 | 1.46 | % | MBS (3)(4) | 11,618 | 175 | 5.97 | % | 9,965 | 71 | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities (3)(4) | Other investment securities (3)(4) | 7,334 | 98 | 5.42 | % | 8,258 | 20 | 0.98 | % | Other investment securities (3)(4) | 7,627 | 110 | 5.69 | % | 8,400 | 38 | 1.81 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances (4) | Advances (4) | 37,042 | 492 | 5.33 | % | 27,455 | 68 | 0.99 | % | Advances (4) | 35,459 | 502 | 5.62 | % | 30,921 | 187 | 2.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | Mortgage loans held for portfolio (4) (5) | 7,790 | 59 | 3.04 | % | 7,736 | 51 | 2.67 | % | Mortgage loans held for portfolio (4) (5) | 8,069 | 64 | 3.16 | % | 7,676 | 53 | 2.73 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (interest-earning) (6) | Other assets (interest-earning) (6) | 2,595 | 32 | 4.91 | % | 1,458 | 3 | 0.73 | % | Other assets (interest-earning) (6) | 2,577 | 34 | 5.23 | % | 2,022 | 11 | 2.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 74,477 | 950 | 5.12 | % | 61,932 | 192 | 1.24 | % | Total interest-earning assets | 71,995 | 974 | 5.37 | % | 66,475 | 403 | 2.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (7) | (896) | (413) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net (7) | Other assets, net (7) | (880) | (868) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 73,581 | $ | 61,519 | Total assets | $ | 71,115 | $ | 65,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Capital: | Liabilities and Capital: | Liabilities and Capital: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 756 | 9 | 4.72 | % | $ | 1,215 | 2 | 0.51 | % | Interest-bearing deposits | $ | 786 | 10 | 5.13 | % | $ | 806 | 4 | 1.90 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 22,264 | 269 | 4.85 | % | 17,102 | 27 | 0.62 | % | Discount notes | 17,546 | 233 | 5.27 | % | 21,159 | 108 | 2.02 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CO bonds (4) | CO bonds (4) | 45,801 | 544 | 4.76 | % | 39,146 | 99 | 1.02 | % | CO bonds (4) | 47,878 | 599 | 4.96 | % | 39,393 | 218 | 2.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 372 | 4 | 4.71 | % | 46 | — | 2.37 | % | MRCS | 370 | 4 | 4.66 | % | 44 | — | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 11 | — | 4.87 | % | — | — | — | % | Other borrowings | — | — | 5.40 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 69,204 | 826 | 4.79 | % | 57,509 | 128 | 0.89 | % | Total interest-bearing liabilities | 66,580 | 846 | 5.04 | % | 61,402 | 330 | 2.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 772 | 512 | Other liabilities | 821 | 676 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | 2,332 | 2,168 | Capital stock | 2,391 | 2,293 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other components of capital | All other components of capital | 1,273 | 1,330 | All other components of capital | 1,323 | 1,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 73,581 | $ | 61,519 | Total liabilities and capital | $ | 71,115 | $ | 65,607 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 124 | $ | 64 | Net interest income | $ | 128 | $ | 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.33 | % | 0.35 | % | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.33 | % | 0.27 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (8) | Net interest margin (8) | 0.67 | % | 0.41 | % | Net interest margin (8) | 0.71 | % | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.08 | Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.08 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/ Cost of Funds (1) (2) | Average Balance | Interest Income/ Expense (1) | Average Yield/Cost of Funds (1) (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | $ | 2,998 | $ | 72 | 4.82 | % | $ | 3,230 | $ | 7 | 0.44 | % | Securities purchased under agreements to resell | $ | 2,595 | $ | 96 | 4.94 | % | $ | 3,167 | $ | 23 | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 4,631 | 111 | 4.85 | % | 3,408 | 8 | 0.50 | % | Federal funds sold | 4,703 | 176 | 5.02 | % | 3,758 | 34 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MBS (3)(4) | MBS (3)(4) | 11,035 | 304 | 5.55 | % | 10,070 | 61 | 1.22 | % | MBS (3)(4) | 11,231 | 479 | 5.69 | % | 10,035 | 133 | 1.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities (3)(4) | Other investment securities (3)(4) | 7,422 | 181 | 4.93 | % | 7,756 | 31 | 0.79 | % | Other investment securities (3)(4) | 7,491 | 291 | 5.19 | % | 7,973 | 68 | 1.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances (4) | Advances (4) | 36,837 | 926 | 5.07 | % | 26,963 | 102 | 0.77 | % | Advances (4) | 36,373 | 1,428 | 5.25 | % | 28,296 | 290 | 1.37 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio (4) (5) | Mortgage loans held for portfolio (4) (5) | 7,750 | 117 | 3.04 | % | 7,697 | 99 | 2.60 | % | Mortgage loans held for portfolio (4) (5) | 7,858 | 181 | 3.08 | % | 7,690 | 152 | 2.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (interest-earning) (6) | Other assets (interest-earning) (6) | 2,492 | 58 | 4.70 | % | 1,136 | 3 | 0.52 | % | Other assets (interest-earning) (6) | 2,521 | 92 | 4.88 | % | 1,435 | 14 | 1.29 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | Total interest-earning assets | 73,165 | 1,769 | 4.88 | % | 60,260 | 311 | 1.04 | % | Total interest-earning assets | 72,772 | 2,743 | 5.04 | % | 62,354 | 714 | 1.53 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets (7) | (993) | (71) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net (7) | Other assets, net (7) | (956) | (339) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 72,172 | $ | 60,189 | Total assets | $ | 71,816 | $ | 62,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Capital: | Liabilities and Capital: | Liabilities and Capital: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | 739 | 17 | 4.50 | % | $ | 1,281 | 1 | 0.26 | % | Interest-bearing deposits | $ | 755 | 27 | 4.72 | % | $ | 1,121 | 5 | 0.66 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | 22,793 | 526 | 4.66 | % | 14,978 | 30 | 0.41 | % | Discount notes | 21,025 | 759 | 4.83 | % | 17,061 | 138 | 1.08 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CO bonds (4) | CO bonds (4) | 44,022 | 991 | 4.54 | % | 39,785 | 151 | 0.76 | % | CO bonds (4) | 45,321 | 1,589 | 4.69 | % | 39,653 | 369 | 1.24 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MRCS | MRCS | 372 | 8 | 4.59 | % | 47 | 1 | 2.20 | % | MRCS | 371 | 13 | 4.62 | % | 46 | 1 | 2.68 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 8 | — | 4.87 | % | — | — | — | % | Other borrowings | 6 | — | 4.87 | % | — | — | 0.51 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | Total interest-bearing liabilities | 67,934 | 1,542 | 4.58 | % | 56,091 | 183 | 0.66 | % | Total interest-bearing liabilities | 67,478 | 2,388 | 4.73 | % | 57,881 | 513 | 1.18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 723 | 571 | Other liabilities | 755 | 606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital stock | Capital stock | 2,253 | 2,177 | Capital stock | 2,300 | 2,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other components of capital | All other components of capital | 1,262 | 1,350 | All other components of capital | 1,283 | 1,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and capital | Total liabilities and capital | $ | 72,172 | $ | 60,189 | Total liabilities and capital | $ | 71,816 | $ | 62,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 227 | $ | 128 | Net interest income | $ | 355 | $ | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net spread on interest-earning assets less interest-bearing liabilities (2) | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.30 | % | 0.38 | % | Net spread on interest-earning assets less interest-bearing liabilities (2) | 0.31 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (8) | Net interest margin (8) | 0.63 | % | 0.43 | % | Net interest margin (8) | 0.65 | % | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.07 | Average interest-earning assets to interest-bearing liabilities | 1.08 | 1.08 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Components | Components | 2023 | 2022 | 2023 | 2022 | Components | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net realized losses from sales of AFS and HTM securities | Net realized losses from sales of AFS and HTM securities | $ | (7) | $ | (1) | $ | (7) | $ | (1) | |||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on trading securities (1) | Net unrealized gains (losses) on trading securities (1) | $ | 1 | $ | (11) | $ | 13 | $ | (18) | Net unrealized gains (losses) on trading securities (1) | 2 | 3 | 15 | (16) | ||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on trading securities (2) | Net realized gains (losses) on trading securities (2) | — | (3) | (4) | (20) | Net realized gains (losses) on trading securities (2) | — | (2) | (4) | (22) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on trading securities | Net gains (losses) on trading securities | 1 | (14) | 9 | (38) | Net gains (losses) on trading securities | 2 | 1 | 11 | (38) | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives hedging trading securities | Net gains (losses) on derivatives hedging trading securities | (2) | 17 | (12) | 41 | Net gains (losses) on derivatives hedging trading securities | (3) | (5) | (15) | 36 | ||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on other derivatives not designated as hedging instruments | 4 | (1) | 4 | (3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on economic derivatives (3) | 3 | 1 | 12 | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | 5 | 17 | 4 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net gains (losses) on other derivatives not designated as hedging instruments (3) | Net gains (losses) on other derivatives not designated as hedging instruments (3) | 3 | — | 6 | (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest settlements on economic derivatives (4) | Net interest settlements on economic derivatives (4) | 5 | 14 | 17 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains on derivatives | Net gains on derivatives | 5 | 9 | 8 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Net gains on extinguishment of debt | Net gains on extinguishment of debt | — | — | 20 | — | Net gains on extinguishment of debt | — | — | 20 | — | ||||||||||||||||||||||||||||||||||||||||||
Change in fair value of investments indirectly funding the liabilities under the SERP | Change in fair value of investments indirectly funding the liabilities under the SERP | 2 | (6) | 4 | (10) | Change in fair value of investments indirectly funding the liabilities under the SERP | (1) | (2) | 2 | (11) | ||||||||||||||||||||||||||||||||||||||||||
Other, net | Other, net | 1 | 1 | 2 | 2 | Other, net | 1 | — | 5 | 2 | ||||||||||||||||||||||||||||||||||||||||||
Total other income (loss) | Total other income (loss) | $ | 9 | $ | (2) | $ | 39 | $ | (9) | Total other income (loss) | $ | — | $ | 7 | $ | 39 | $ | (2) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Components | Components | 2023 | 2022 | 2023 | 2022 | Components | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Compensation and benefits | Compensation and benefits | $ | 15 | $ | 13 | $ | 32 | $ | 26 | Compensation and benefits | $ | 14 | $ | 15 | $ | 46 | $ | 41 | ||||||||||||||||||||||||||||||||||
Other operating expenses | Other operating expenses | 9 | 8 | 16 | 15 | Other operating expenses | 8 | 7 | 24 | 22 | ||||||||||||||||||||||||||||||||||||||||||
Finance Agency and Office of Finance | Finance Agency and Office of Finance | 3 | 3 | 5 | 6 | Finance Agency and Office of Finance | 3 | 3 | 8 | 10 | ||||||||||||||||||||||||||||||||||||||||||
Voluntary allocations to AHP and/or related programs | Voluntary allocations to AHP and/or related programs | 3 | 1 | 6 | 2 | Voluntary allocations to AHP and/or related programs | — | 1 | 6 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1 | 1 | 3 | 2 | Other | 2 | 2 | 5 | 4 | ||||||||||||||||||||||||||||||||||||||||||
Total other expenses | Total other expenses | $ | 31 | $ | 26 | $ | 62 | $ | 51 | Total other expenses | $ | 27 | $ | 28 | $ | 89 | $ | 80 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Traditional | Traditional | 2023 | 2022 | 2023 | 2022 | Traditional | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 112 | $ | 51 | $ | 203 | $ | 103 | Net interest income | $ | 115 | $ | 60 | $ | 318 | $ | 163 | ||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | Provision for (reversal of) credit losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | 9 | (2) | 39 | (9) | Other income (loss) | — | 7 | 39 | (2) | ||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 27 | 22 | 54 | 44 | Other expenses | 23 | 24 | 77 | 68 | ||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 94 | 27 | 188 | 50 | Income before assessments | 92 | 43 | 280 | 93 | ||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 10 | 3 | 20 | 5 | AHP assessments | 9 | 4 | 29 | 9 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 84 | $ | 24 | $ | 168 | $ | 45 | Net income | $ | 83 | $ | 39 | $ | 251 | $ | 84 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | Mortgage Loans | 2023 | 2022 | 2023 | 2022 | Mortgage Loans | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 12 | $ | 13 | $ | 24 | $ | 25 | Net interest income | $ | 13 | $ | 13 | $ | 37 | $ | 38 | ||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | Provision for (reversal of) credit losses | — | — | — | — | Provision for (reversal of) credit losses | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other income (loss) | Other income (loss) | — | — | — | — | Other income (loss) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 4 | 4 | 8 | 7 | Other expenses | 4 | 4 | 12 | 12 | ||||||||||||||||||||||||||||||||||||||||||
Income before assessments | Income before assessments | 8 | 9 | 16 | 18 | Income before assessments | 9 | 9 | 25 | 26 | ||||||||||||||||||||||||||||||||||||||||||
AHP assessments | AHP assessments | 1 | 1 | 1 | 2 | AHP assessments | 1 | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 7 | $ | 8 | $ | 15 | $ | 16 | Net income | $ | 8 | $ | 8 | $ | 23 | $ | 23 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Major Asset Categories | Major Asset Categories | Carrying Value | % of Total | Carrying Value | % of Total | Major Asset Categories | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Advances | Advances | $ | 36,234 | 49 | % | $ | 36,683 | 51 | % | Advances | $ | 34,781 | 49 | % | $ | 36,683 | 51 | % | ||||||||||||||||||||||||||||||||||
Mortgage loans held for portfolio, net | Mortgage loans held for portfolio, net | 7,899 | 11 | % | 7,687 | 11 | % | Mortgage loans held for portfolio, net | 8,261 | 12 | % | 7,687 | 11 | % | ||||||||||||||||||||||||||||||||||||||
Cash and short-term investments | Cash and short-term investments | 10,309 | 14 | % | 8,575 | 12 | % | Cash and short-term investments | 7,758 | 11 | % | 8,575 | 12 | % | ||||||||||||||||||||||||||||||||||||||
Trading securities | Trading securities | 345 | 1 | % | 2,230 | 3 | % | Trading securities | 447 | 1 | % | 2,230 | 3 | % | ||||||||||||||||||||||||||||||||||||||
MBS | MBS | 11,300 | 15 | % | 10,307 | 14 | % | MBS | 11,737 | 17 | % | 10,307 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Other investment securities | Other investment securities | 7,128 | 9 | % | 6,113 | 8 | % | Other investment securities | 7,236 | 10 | % | 6,113 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Other assets (1) | Other assets (1) | 1,055 | 1 | % | 689 | 1 | % | Other assets (1) | 821 | — | % | 689 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 74,270 | 100 | % | $ | 72,284 | 100 | % | Total assets | $ | 71,041 | 100 | % | $ | 72,284 | 100 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Borrower Type | Borrower Type | Par Value | % of Total | Par Value | % of Total | Borrower Type | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Depository institutions: | Depository institutions: | Depository institutions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial banks and savings institutions | Commercial banks and savings institutions | $ | 15,841 | 43 | % | $ | 13,920 | 37 | % | Commercial banks and savings institutions | $ | 15,341 | 43 | % | $ | 13,920 | 37 | % | ||||||||||||||||||||||||||||||||||
Credit unions | Credit unions | 5,315 | 14 | % | 5,163 | 14 | % | Credit unions | 5,542 | 16 | % | 5,163 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Former members | Former members | 3,368 | 9 | % | 4,772 | 13 | % | Former members | 1,618 | 4 | % | 4,772 | 13 | % | ||||||||||||||||||||||||||||||||||||||
Total depository institutions | Total depository institutions | 24,524 | 66 | % | 23,855 | 64 | % | Total depository institutions | 22,501 | 63 | % | 23,855 | 64 | % | ||||||||||||||||||||||||||||||||||||||
Insurance companies: | Insurance companies: | Insurance companies: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance company (1) | Captive insurance company (1) | 175 | — | % | 213 | 1 | % | Captive insurance company (1) | 115 | — | % | 213 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Other insurance companies | Other insurance companies | 12,217 | 34 | % | 13,217 | 35 | % | Other insurance companies | 13,007 | 37 | % | 13,217 | 35 | % | ||||||||||||||||||||||||||||||||||||||
Former members (2) | Former members (2) | 5 | — | % | 5 | — | % | Former members (2) | 5 | — | % | 5 | — | % | ||||||||||||||||||||||||||||||||||||||
Total insurance companies | Total insurance companies | 12,397 | 34 | % | 13,435 | 36 | % | Total insurance companies | 13,127 | 37 | % | 13,435 | 36 | % | ||||||||||||||||||||||||||||||||||||||
CDFIs | CDFIs | 1 | — | % | 1 | — | % | CDFIs | 1 | — | % | 1 | — | % | ||||||||||||||||||||||||||||||||||||||
Total advances outstanding | Total advances outstanding | $ | 36,922 | 100 | % | $ | 37,291 | 100 | % | Total advances outstanding | $ | 35,629 | 100 | % | $ | 37,291 | 100 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Product Type and Redemption Term | Product Type and Redemption Term | Par Value | % of Total | Par Value | % of Total | Product Type and Redemption Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Fixed-rate: | Fixed-rate: | Fixed-rate: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Without call or put options (1) | Without call or put options (1) | Without call or put options (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | $ | 8,416 | 23 | % | $ | 13,592 | 36 | % | Due in 1 year or less | $ | 9,249 | 26 | % | $ | 13,592 | 36 | % | ||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 10,868 | 29 | % | 7,559 | 20 | % | Due after 1 through 5 years | 12,119 | 34 | % | 7,559 | 20 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 2,160 | 6 | % | 1,696 | 5 | % | Due after 5 through 15 years | 2,139 | 6 | % | 1,696 | 5 | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 14 | — | % | 15 | — | % | Thereafter | 14 | — | % | 15 | — | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 21,458 | 58 | % | 22,862 | 61 | % | Total | 23,521 | 66 | % | 22,862 | 61 | % | ||||||||||||||||||||||||||||||||||||||
Callable or prepayable | Callable or prepayable | Callable or prepayable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | — | — | % | 2 | — | % | Due in 1 year or less | — | — | % | 2 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 50 | — | % | — | — | % | Due after 1 through 5 years | 50 | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 41 | — | % | 41 | — | % | Due after 5 through 15 years | 41 | — | % | 41 | — | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 91 | — | % | 43 | — | % | Total | 91 | — | % | 43 | — | % | ||||||||||||||||||||||||||||||||||||||
Putable | Putable | Putable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 158 | — | % | 5 | — | % | Due in 1 year or less | — | — | % | 5 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 2,000 | 5 | % | 1,296 | 4 | % | Due after 1 through 5 years | 955 | 3 | % | 1,296 | 4 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 7,400 | 20 | % | 7,191 | 19 | % | Due after 5 through 15 years | 5,384 | 15 | % | 7,191 | 19 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 9,558 | 25 | % | 8,492 | 23 | % | Total | 6,339 | 18 | % | 8,492 | 23 | % | ||||||||||||||||||||||||||||||||||||||
Total fixed-rate (2) | Total fixed-rate (2) | 31,107 | 83 | % | 31,397 | 84 | % | Total fixed-rate (2) | 29,951 | 84 | % | 31,397 | 84 | % | ||||||||||||||||||||||||||||||||||||||
Variable-rate: | Variable-rate: | Variable-rate: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Without call or put options | Without call or put options | Without call or put options | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 432 | 1 | % | 515 | 2 | % | Due in 1 year or less | 274 | 1 | % | 515 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 170 | 1 | % | 160 | — | % | Due after 1 through 5 years | 100 | — | % | 160 | — | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 50 | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 602 | 2 | % | 675 | 2 | % | Total | 424 | 1 | % | 675 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Callable or prepayable | Callable or prepayable | Callable or prepayable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Due in 1 year or less | Due in 1 year or less | 292 | 1 | % | 403 | 1 | % | Due in 1 year or less | 350 | 1 | % | 403 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Due after 1 through 5 years | Due after 1 through 5 years | 3,196 | 9 | % | 3,011 | 8 | % | Due after 1 through 5 years | 3,174 | 9 | % | 3,011 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Due after 5 through 15 years | Due after 5 through 15 years | 1,420 | 4 | % | 1,450 | 4 | % | Due after 5 through 15 years | 1,413 | 4 | % | 1,450 | 4 | % | ||||||||||||||||||||||||||||||||||||||
Thereafter | Thereafter | 305 | 1 | % | 355 | 1 | % | Thereafter | 317 | 1 | % | 355 | 1 | % | ||||||||||||||||||||||||||||||||||||||
Total | Total | 5,213 | 15 | % | 5,219 | 14 | % | Total | 5,254 | 15 | % | 5,219 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Total variable-rate | Total variable-rate | 5,815 | 17 | % | 5,894 | 16 | % | Total variable-rate | 5,678 | 16 | % | 5,894 | 16 | % | ||||||||||||||||||||||||||||||||||||||
Total advances | Total advances | $ | 36,922 | 100 | % | $ | 37,291 | 100 | % | Total advances | $ | 35,629 | 100 | % | $ | 37,291 | 100 | % |
Variable Interest-Rate Index | Variable Interest-Rate Index | June 30, 2023 | December 31, 2022 | Variable Interest-Rate Index | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
SOFR | SOFR | $ | 2,538 | $ | 2,401 | SOFR | $ | 2,501 | $ | 2,401 | ||||||||||||||||||
FHLBanks cost of funds | FHLBanks cost of funds | 2,956 | 1,870 | FHLBanks cost of funds | 2,970 | 1,870 | ||||||||||||||||||||||
LIBOR | LIBOR | — | 1,278 | LIBOR | — | 1,278 | ||||||||||||||||||||||
Other | Other | 146 | 345 | Other | 207 | 345 | ||||||||||||||||||||||
Total variable-rate advances, at par value | Total variable-rate advances, at par value | $ | 5,640 | $ | 5,894 | Total variable-rate advances, at par value | $ | 5,678 | $ | 5,894 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans Activity | Mortgage Loans Activity | 2023 | 2022 | 2023 | 2022 | Mortgage Loans Activity | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | Balance, beginning of period | $ | 7,581 | $ | 7,526 | $ | 7,533 | $ | 7,434 | Balance, beginning of period | $ | 7,747 | $ | 7,563 | $ | 7,533 | $ | 7,434 | ||||||||||||||||||||||||||||||||||
Purchases | Purchases | 344 | 310 | 538 | 763 | Purchases | 552 | 153 | 1,090 | 916 | ||||||||||||||||||||||||||||||||||||||||||
Principal repayments | Principal repayments | (178) | (273) | (324) | (634) | Principal repayments | (194) | (226) | (518) | (860) | ||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | Balance, end of period | $ | 7,747 | $ | 7,563 | $ | 7,747 | $ | 7,563 | Balance, end of period | $ | 8,105 | $ | 7,490 | $ | 8,105 | $ | 7,490 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Components | Components | Carrying Value | % of Total | Carrying Value | % of Total | Components | Carrying Value | % of Total | Carrying Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Cash and short-term investments: | Cash and short-term investments: | Cash and short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 64 | — | % | $ | 21 | — | % | Cash and due from banks | $ | 56 | — | % | $ | 21 | — | % | ||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | 818 | 3 | % | 856 | 3 | % | Interest-bearing deposits | 860 | 3 | % | 856 | 3 | % | ||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 4,400 | 15 | % | 4,550 | 17 | % | Securities purchased under agreements to resell | 3,450 | 13 | % | 4,550 | 17 | % | ||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 5,027 | 17 | % | 3,148 | 12 | % | Federal funds sold | 3,392 | 12 | % | 3,148 | 12 | % | ||||||||||||||||||||||||||||||||||||||
Total cash and short-term investments | Total cash and short-term investments | 10,309 | 35 | % | 8,575 | 32 | % | Total cash and short-term investments | 7,758 | 28 | % | 8,575 | 32 | % | ||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 345 | 1 | % | 2,230 | 8 | % | U.S. Treasury obligations | 447 | 2 | % | 2,230 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 345 | 1 | % | 2,230 | 8 | % | Total trading securities | 447 | 2 | % | 2,230 | 8 | % | ||||||||||||||||||||||||||||||||||||||
Total liquidity investments | Total liquidity investments | 10,654 | 36 | % | 10,805 | 40 | % | Total liquidity investments | 8,205 | 30 | % | 10,805 | 40 | % | ||||||||||||||||||||||||||||||||||||||
Other investment securities: | Other investment securities: | Other investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
AFS securities: | AFS securities: | AFS securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 5,357 | 19 | % | 4,210 | 16 | % | U.S. Treasury obligations | 5,471 | 20 | % | 4,210 | 16 | % | ||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 1,771 | 6 | % | 1,903 | 7 | % | GSE and TVA debentures | 1,765 | 7 | % | 1,903 | 7 | % | ||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 6,462 | 22 | % | 6,067 | 22 | % | GSE multifamily MBS | 6,377 | 24 | % | 6,067 | 22 | % | ||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | 13,590 | 47 | % | 12,180 | 45 | % | Total AFS securities | 13,613 | 51 | % | 12,180 | 45 | % | ||||||||||||||||||||||||||||||||||||||
HTM securities: | HTM securities: | HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations single-family MBS | Other U.S. obligations single-family MBS | 3,683 | 13 | % | 2,992 | 11 | % | Other U.S. obligations single-family MBS | 4,145 | 15 | % | 2,992 | 11 | % | ||||||||||||||||||||||||||||||||||||||
GSE single-family MBS | GSE single-family MBS | 586 | 2 | % | 620 | 2 | % | GSE single-family MBS | 650 | 2 | % | 620 | 2 | % | ||||||||||||||||||||||||||||||||||||||
GSE multifamily MBS | GSE multifamily MBS | 569 | 2 | % | 628 | 2 | % | GSE multifamily MBS | 565 | 2 | % | 628 | 2 | % | ||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | 4,838 | 17 | % | 4,240 | 15 | % | Total HTM securities | 5,360 | 19 | % | 4,240 | 15 | % | ||||||||||||||||||||||||||||||||||||||
Total other investment securities | Total other investment securities | 18,428 | 64 | % | 16,420 | 60 | % | Total other investment securities | 18,973 | 70 | % | 16,420 | 60 | % | ||||||||||||||||||||||||||||||||||||||
Total cash and investments, carrying value | Total cash and investments, carrying value | $ | 29,082 | 100 | % | $ | 27,225 | 100 | % | Total cash and investments, carrying value | $ | 27,178 | 100 | % | $ | 27,225 | 100 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-Rate Payment Terms | Interest-Rate Payment Terms | Amortized Cost | % of Total | Amortized Cost | % of Total | Interest-Rate Payment Terms | Amortized Cost | % of Total | Amortized Cost | % of Total | ||||||||||||||||||||||||||||||||||||||||||
AFS Securities (1): | AFS Securities (1): | AFS Securities (1): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-MBS fixed-rate | Total non-MBS fixed-rate | $ | 7,091 | 52 | % | $ | 6,091 | 50 | % | Total non-MBS fixed-rate | $ | 7,204 | 53 | % | $ | 6,091 | 50 | % | ||||||||||||||||||||||||||||||||||
Total MBS fixed-rate | Total MBS fixed-rate | 6,496 | 48 | % | 6,099 | 50 | % | Total MBS fixed-rate | 6,423 | 47 | % | 6,099 | 50 | % | ||||||||||||||||||||||||||||||||||||||
Total AFS securities | Total AFS securities | $ | 13,587 | 100 | % | $ | 12,190 | 100 | % | Total AFS securities | $ | 13,627 | 100 | % | $ | 12,190 | 100 | % | ||||||||||||||||||||||||||||||||||
HTM Securities: | HTM Securities: | HTM Securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total MBS fixed-rate | Total MBS fixed-rate | $ | 201 | 4 | % | $ | 204 | 5 | % | Total MBS fixed-rate | $ | 200 | 4 | % | $ | 204 | 5 | % | ||||||||||||||||||||||||||||||||||
Total MBS variable-rate | Total MBS variable-rate | 4,636 | 96 | % | 4,036 | 95 | % | Total MBS variable-rate | 5,160 | 96 | % | 4,036 | 95 | % | ||||||||||||||||||||||||||||||||||||||
Total HTM securities | Total HTM securities | $ | 4,837 | 100 | % | $ | 4,240 | 100 | % | Total HTM securities | $ | 5,360 | 100 | % | $ | 4,240 | 100 | % | ||||||||||||||||||||||||||||||||||
AFS and HTM securities: | AFS and HTM securities: | AFS and HTM securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed-rate | Total fixed-rate | $ | 13,788 | 75 | % | $ | 12,394 | 75 | % | Total fixed-rate | $ | 13,827 | 73 | % | $ | 12,394 | 75 | % | ||||||||||||||||||||||||||||||||||
Total variable-rate | Total variable-rate | 4,636 | 25 | % | 4,036 | 25 | % | Total variable-rate | 5,160 | 27 | % | 4,036 | 25 | % | ||||||||||||||||||||||||||||||||||||||
Total AFS and HTM securities | Total AFS and HTM securities | $ | 18,424 | 100 | % | $ | 16,430 | 100 | % | Total AFS and HTM securities | $ | 18,987 | 100 | % | $ | 16,430 | 100 | % |
Variable Interest-Rate Index | Variable Interest-Rate Index | June 30, 2023 | December 31, 2022 | Variable Interest-Rate Index | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
SOFR | SOFR | $ | 2,789 | $ | 1,994 | SOFR | $ | 3,422 | $ | 1,994 | ||||||||||||||||||
LIBOR | LIBOR | — | 2,018 | LIBOR | — | 2,018 | ||||||||||||||||||||||
Total variable-rate MBS, at principal amount | Total variable-rate MBS, at principal amount | $ | 2,789 | $ | 4,012 | Total variable-rate MBS, at principal amount | $ | 3,422 | $ | 4,012 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Term | Term | Par Value | % of Total | Par Value | % of Total | Term | Par Value | % of Total | Par Value | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Consolidated obligations due in 1 year or less: | Consolidated obligations due in 1 year or less: | Consolidated obligations due in 1 year or less: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Discount notes | Discount notes | $ | 20,283 | 29 | % | $ | 27,534 | 40 | % | Discount notes | $ | 17,558 | 26 | % | $ | 27,534 | 40 | % | ||||||||||||||||||||||||||||||||||
CO bonds | CO bonds | 17,235 | 24 | % | 10,016 | 14 | % | CO bonds | 20,145 | 30 | % | 10,016 | 14 | % | ||||||||||||||||||||||||||||||||||||||
Total due in 1 year or less | Total due in 1 year or less | 37,518 | 53 | % | 37,550 | 54 | % | Total due in 1 year or less | 37,703 | 56 | % | 37,550 | 54 | % | ||||||||||||||||||||||||||||||||||||||
Long-term CO bonds | Long-term CO bonds | 33,238 | 47 | % | 31,986 | 46 | % | Long-term CO bonds | 29,765 | 44 | % | 31,986 | 46 | % | ||||||||||||||||||||||||||||||||||||||
Total consolidated obligations | Total consolidated obligations | $ | 70,756 | 100 | % | $ | 69,536 | 100 | % | Total consolidated obligations | $ | 67,468 | 100 | % | $ | 69,536 | 100 | % |
Hedged Item | Hedged Item | June 30, 2023 | December 31, 2022 | Hedged Item | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Advances | Advances | $ | 26,121 | $ | 24,038 | Advances | $ | 23,406 | $ | 24,038 | ||||||||||||||||||
Investments | Investments | 16,157 | 15,936 | Investments | 16,564 | 15,936 | ||||||||||||||||||||||
Mortgage loans MDCs | Mortgage loans MDCs | 164 | 61 | Mortgage loans MDCs | 319 | 61 | ||||||||||||||||||||||
CO bonds | CO bonds | 40,149 | 30,940 | CO bonds | 39,780 | 30,940 | ||||||||||||||||||||||
Discount notes | Discount notes | — | 2,000 | Discount notes | — | 2,000 | ||||||||||||||||||||||
Total notional outstanding | Total notional outstanding | $ | 82,591 | $ | 72,975 | Total notional outstanding | $ | 80,069 | $ | 72,975 |
Variable Interest-Rate Index | Variable Interest-Rate Index | June 30, 2023 | December 31, 2022 | Variable Interest-Rate Index | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
SOFR | SOFR | $ | 66,305 | $ | 50,344 | SOFR | $ | 66,951 | $ | 50,344 | ||||||||||||||||||
EFFR | EFFR | 12,991 | 14,016 | EFFR | 12,798 | 14,016 | ||||||||||||||||||||||
LIBOR | LIBOR | — | 8,554 | LIBOR | — | 8,554 | ||||||||||||||||||||||
Total variable rate, at notional | Total variable rate, at notional | $ | 79,296 | $ | 72,914 | Total variable rate, at notional | $ | 79,749 | $ | 72,914 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances | AFS Securities | CO Bonds | Total | Advances | AFS Securities | CO Bonds | Total | |||||||||||||||||||||||||||||||||||||||||||||
Cumulative fair-value hedging basis adjustments on hedged items | Cumulative fair-value hedging basis adjustments on hedged items | $ | (694) | $ | (1,118) | $ | 1,988 | $ | 176 | Cumulative fair-value hedging basis adjustments on hedged items | $ | (853) | $ | (1,394) | $ | 2,035 | $ | (212) | ||||||||||||||||||||||||||||||||||
Estimated fair value of associated derivatives, net | Estimated fair value of associated derivatives, net | 697 | 1,349 | (2,000) | 46 | Estimated fair value of associated derivatives, net | 853 | 1,610 | (2,037) | 426 | ||||||||||||||||||||||||||||||||||||||||||
Net cumulative fair-value hedging basis adjustments | Net cumulative fair-value hedging basis adjustments | $ | 3 | $ | 231 | $ | (12) | $ | 222 | Net cumulative fair-value hedging basis adjustments | $ | — | $ | 216 | $ | (2) | $ | 214 |
Components | Components | June 30, 2023 | December 31, 2022 | Components | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Capital stock | Capital stock | 63 | % | 63 | % | Capital stock | 61 | % | 63 | % | ||||||||||||||||||
Retained earnings | Retained earnings | 37 | % | 38 | % | Retained earnings | 40 | % | 38 | % | ||||||||||||||||||
AOCI | AOCI | — | % | (1) | % | AOCI | (1) | % | (1) | % | ||||||||||||||||||
Total GAAP capital | Total GAAP capital | 100 | % | 100 | % | Total GAAP capital | 100 | % | 100 | % |
Reconciliation | Reconciliation | June 30, 2023 | December 31, 2022 | Reconciliation | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Total GAAP capital | Total GAAP capital | $ | 3,784 | $ | 3,384 | Total GAAP capital | $ | 3,669 | $ | 3,384 | ||||||||||||||||||
Exclude: AOCI | Exclude: AOCI | 10 | 26 | Exclude: AOCI | 27 | 26 | ||||||||||||||||||||||
Add: MRCS | Add: MRCS | 371 | 373 | Add: MRCS | 368 | 373 | ||||||||||||||||||||||
Total regulatory capital | Total regulatory capital | $ | 4,165 | $ | 3,783 | Total regulatory capital | $ | 4,064 | $ | 3,783 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of Member | Type of Member | Amount | % of Total | Amount | % of Total | Type of Member | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||||||||||||||||||||||
Capital Stock: | Capital Stock: | Capital Stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Depository institutions: | Depository institutions: | Depository institutions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial banks and savings institutions | Commercial banks and savings institutions | $ | 1,066 | 39 | % | $ | 889 | 36 | % | Commercial banks and savings institutions | $ | 1,013 | 39 | % | $ | 889 | 36 | % | ||||||||||||||||||||||||||||||||||
Credit unions | Credit unions | 445 | 16 | % | 409 | 16 | % | Credit unions | 452 | 18 | % | 409 | 16 | % | ||||||||||||||||||||||||||||||||||||||
Total depository institutions | Total depository institutions | 1,511 | 55 | % | 1,298 | 52 | % | Total depository institutions | 1,465 | 57 | % | 1,298 | 52 | % | ||||||||||||||||||||||||||||||||||||||
Insurance companies | Insurance companies | 870 | 32 | % | 825 | 33 | % | Insurance companies | 762 | 29 | % | 825 | 33 | % | ||||||||||||||||||||||||||||||||||||||
CDFIs | CDFIs | — | — | % | — | — | % | CDFIs | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Total capital stock, putable at par value | Total capital stock, putable at par value | 2,381 | 87 | % | 2,123 | 85 | % | Total capital stock, putable at par value | 2,227 | 86 | % | 2,123 | 85 | % | ||||||||||||||||||||||||||||||||||||||
MRCS: | MRCS: | MRCS: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Captive insurance company (1) | Captive insurance company (1) | 8 | — | % | 10 | — | % | Captive insurance company (1) | 5 | — | % | 10 | — | % | ||||||||||||||||||||||||||||||||||||||
Other former members | Other former members | 363 | 13 | % | 363 | 15 | % | Other former members | 363 | 14 | % | 363 | 15 | % | ||||||||||||||||||||||||||||||||||||||
Total MRCS | Total MRCS | 371 | 13 | % | 373 | 15 | % | Total MRCS | 368 | 14 | % | 373 | 15 | % | ||||||||||||||||||||||||||||||||||||||
Total regulatory capital stock | Total regulatory capital stock | $ | 2,752 | 100 | % | $ | 2,496 | 100 | % | Total regulatory capital stock | $ | 2,595 | 100 | % | $ | 2,496 | 100 | % |
Components | Components | June 30, 2023 | December 31, 2022 | Components | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Required capital stock: | Required capital stock: | Required capital stock: | ||||||||||||||||||||||||||
Member capital stock | Member capital stock | $ | 1,741 | $ | 1,678 | Member capital stock | $ | 1,780 | $ | 1,678 | ||||||||||||||||||
MRCS | MRCS | 160 | 225 | MRCS | 79 | 225 | ||||||||||||||||||||||
Total required capital stock | Total required capital stock | 1,901 | 1,903 | Total required capital stock | 1,859 | 1,903 | ||||||||||||||||||||||
Excess capital stock: | Excess capital stock: | Excess capital stock: | ||||||||||||||||||||||||||
Member capital stock not subject to outstanding redemption requests | Member capital stock not subject to outstanding redemption requests | 640 | 445 | Member capital stock not subject to outstanding redemption requests | 447 | 445 | ||||||||||||||||||||||
Member capital stock subject to outstanding redemption requests | Member capital stock subject to outstanding redemption requests | — | — | Member capital stock subject to outstanding redemption requests | — | — | ||||||||||||||||||||||
MRCS | MRCS | 211 | 148 | MRCS | 289 | 148 | ||||||||||||||||||||||
Total excess capital stock | Total excess capital stock | 851 | 593 | Total excess capital stock | 736 | 593 | ||||||||||||||||||||||
Total regulatory capital stock | Total regulatory capital stock | $ | 2,752 | $ | 2,496 | Total regulatory capital stock | $ | 2,595 | $ | 2,496 | ||||||||||||||||||
Excess stock as a percentage of regulatory capital stock | Excess stock as a percentage of regulatory capital stock | 31 | % | 24 | % | Excess stock as a percentage of regulatory capital stock | 28 | % | 24 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average dividend rate (1) | Weighted-average dividend rate (1) | 5.44 | % | 2.46 | % | 5.14 | % | 2.38 | % | Weighted-average dividend rate (1) | 5.88 | % | 3.41 | % | 5.40 | % | 2.72 | % | ||||||||||||||||||||||||||||||||||
Dividend payout ratio (2) | Dividend payout ratio (2) | 32.80 | % | 41.10 | % | 30.56 | % | 43.15 | % | Dividend payout ratio (2) | 38.88 | % | 39.76 | % | 33.32 | % | 41.68 | % |
Risk-Based Capital Components | Risk-Based Capital Components | June 30, 2023 | December 31, 2022 | Risk-Based Capital Components | September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Credit risk | Credit risk | $ | 213 | $ | 203 | Credit risk | $ | 198 | $ | 203 | ||||||||||||||||||
Market risk | Market risk | 678 | 173 | Market risk | 657 | 173 | ||||||||||||||||||||||
Operational risk | Operational risk | 267 | 113 | Operational risk | 257 | 113 | ||||||||||||||||||||||
Total risk-based capital requirement | Total risk-based capital requirement | $ | 1,158 | $ | 489 | Total risk-based capital requirement | $ | 1,112 | $ | 489 | ||||||||||||||||||
Permanent capital | Permanent capital | $ | 4,165 | $ | 3,782 | Permanent capital | $ | 4,064 | $ | 3,783 | ||||||||||||||||||
Permanent capital as a percentage of required risk-based capital | Permanent capital as a percentage of required risk-based capital | 360 | % | 773 | % | Permanent capital as a percentage of required risk-based capital | 366 | % | 773 | % |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Country | Country | AA | A | Total | Country | AA | A | Total | ||||||||||||||||||||||||||||||||
Domestic | Domestic | $ | — | $ | 2,763 | $ | 2,763 | Domestic | $ | — | $ | 2,002 | $ | 2,002 | ||||||||||||||||||||||||||
Australia | Australia | 1,400 | — | 1,400 | Australia | 1,300 | — | 1,300 | ||||||||||||||||||||||||||||||||
Canada | — | 1,282 | 1,282 | |||||||||||||||||||||||||||||||||||||
Netherlands | Netherlands | — | 400 | 400 | Netherlands | — | 600 | 600 | ||||||||||||||||||||||||||||||||
Norway | Norway | 350 | — | 350 | ||||||||||||||||||||||||||||||||||||
Total unsecured credit exposure | Total unsecured credit exposure | $ | 1,400 | $ | 4,445 | $ | 5,845 | Total unsecured credit exposure | $ | 1,650 | $ | 2,602 | $ | 4,252 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | Investment | AA | A | Unrated (1) | Total | Investment | AA | A | Unrated (1) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments: | Short-term investments: | Short-term investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | Interest-bearing deposits | $ | — | $ | 818 | $ | — | $ | 818 | Interest-bearing deposits | $ | — | $ | 860 | $ | — | $ | 860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 2,000 | 2,000 | 400 | 4,400 | Securities purchased under agreements to resell | 1,300 | 1,750 | 400 | 3,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 1,400 | 3,627 | — | 5,027 | Federal funds sold | 1,650 | 1,742 | — | 3,392 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term investments | Total short-term investments | 3,400 | 6,445 | 400 | 10,245 | Total short-term investments | 2,950 | 4,352 | 400 | 7,702 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | Trading securities: | Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 345 | — | — | 345 | U.S. Treasury obligations | 447 | — | — | 447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading securities | Total trading securities | 345 | — | — | 345 | Total trading securities | 447 | — | — | 447 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investment securities: | Other investment securities: | Other investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury obligations | U.S. Treasury obligations | 5,357 | — | 5,357 | U.S. Treasury obligations | 5,471 | — | 5,471 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE and TVA debentures | GSE and TVA debentures | 1,771 | — | — | 1,771 | GSE and TVA debentures | 1,765 | — | — | 1,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE MBS | GSE MBS | 7,617 | — | — | 7,617 | GSE MBS | 7,592 | — | — | 7,592 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other U.S. obligations - guaranteed RMBS | Other U.S. obligations - guaranteed RMBS | 3,683 | — | — | 3,683 | Other U.S. obligations - guaranteed RMBS | 4,145 | — | — | 4,145 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investment securities | Total other investment securities | 18,428 | — | — | 18,428 | Total other investment securities | 18,973 | — | — | 18,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investments, carrying value | Total investments, carrying value | $ | 22,173 | $ | 6,445 | $ | 400 | $ | 29,018 | Total investments, carrying value | $ | 22,370 | $ | 4,352 | $ | 400 | $ | 27,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | Percentage of total | 76 | % | 23 | % | 1 | % | 100 | % | Percentage of total | 83 | % | 16 | % | 1 | % | 100 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LRA Activity | LRA Activity | June 30, 2023 | June 30, 2023 | LRA Activity | September 30, 2023 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability, beginning of period | Liability, beginning of period | $ | 236 | $ | 235 | Liability, beginning of period | $ | 233 | $ | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | Additions | 4 | 6 | Additions | 7 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claims paid | Claims paid | — | — | Claims paid | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to Participating Financial Institutions | Distributions to Participating Financial Institutions | (7) | (8) | Distributions to Participating Financial Institutions | (2) | (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability, end of period | Liability, end of period | $ | 233 | $ | 233 | Liability, end of period | $ | 238 | $ | 238 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty and Credit Rating | Counterparty and Credit Rating | Notional Amount | Net Estimated Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure | Counterparty and Credit Rating | Notional Amount | Net Estimated Fair Value Before Collateral | Cash Collateral Pledged To (From) Counterparties | Net Credit Exposure | ||||||||||||||||||||||||||||||||||||||||||
Non-member counterparties: | Non-member counterparties: | Non-member counterparties: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset positions with credit exposure | Asset positions with credit exposure | Asset positions with credit exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared derivatives - A | Uncleared derivatives - A | $ | 705 | $ | 16 | $ | (15) | $ | 1 | Uncleared derivatives - A | $ | 10,259 | $ | 159 | $ | (134) | $ | 25 | ||||||||||||||||||||||||||||||||||
Liability positions with credit exposure | Liability positions with credit exposure | Liability positions with credit exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uncleared derivatives - A | Uncleared derivatives - A | 19,352 | (342) | 357 | 15 | Uncleared derivatives - A | 19,052 | (474) | 488 | 14 | ||||||||||||||||||||||||||||||||||||||||||
Cleared derivatives (1) | Cleared derivatives (1) | 29,697 | (8) | 540 | 532 | Cleared derivatives (1) | 29,066 | (20) | 518 | 498 | ||||||||||||||||||||||||||||||||||||||||||
Total derivative positions with credit exposure to non-member counterparties | Total derivative positions with credit exposure to non-member counterparties | 49,754 | (334) | 882 | 548 | Total derivative positions with credit exposure to non-member counterparties | 58,377 | (335) | 872 | 537 | ||||||||||||||||||||||||||||||||||||||||||
Total derivative positions with credit exposure to member institutions (2) | Total derivative positions with credit exposure to member institutions (2) | 26 | — | — | — | Total derivative positions with credit exposure to member institutions (2) | 35 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Subtotal - derivative positions with credit exposure | Subtotal - derivative positions with credit exposure | 49,780 | $ | (334) | $ | 882 | $ | 548 | Subtotal - derivative positions with credit exposure | 58,412 | $ | (335) | $ | 872 | $ | 537 | ||||||||||||||||||||||||||||||||||||
Derivative positions without credit exposure | Derivative positions without credit exposure | 32,811 | Derivative positions without credit exposure | 21,657 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative positions | Total derivative positions | $ | 82,591 | Total derivative positions | $ | 80,069 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Key Metric | Key Metric | Down 200 | Down 100 | Base | Up 100 | Up 200 | Key Metric | Down 200 | Down 100 | Base | Up 100 | Up 200 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
MVE | MVE | $ | 4,269 | $ | 4,289 | $ | 4,281 | $ | 4,249 | $ | 4,201 | MVE | $ | 3,974 | $ | 3,978 | $ | 3,967 | $ | 3,934 | $ | 3,885 | ||||||||||||||||||||||||||||||||||||||||||
Percent change in MVE from base | Percent change in MVE from base | (0.3) | % | 0.2 | % | — | % | (0.7) | % | (1.9) | % | Percent change in MVE from base | 0.2 | % | 0.3 | % | — | % | (0.8) | % | (2.1) | % | ||||||||||||||||||||||||||||||||||||||||||
MVE/book value of equity | MVE/book value of equity | 102.8 | % | 103.2 | % | 103.1 | % | 102.3 | % | 101.1 | % | MVE/book value of equity | 98.5 | % | 98.6 | % | 98.3 | % | 97.4 | % | 96.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Duration of equity | Duration of equity | (0.9) | (0.1) | 0.5 | 1.0 | 1.3 | Duration of equity | (0.5) | 0.2 | 0.5 | 1.1 | 1.4 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Key Metric | Down 200 | Down 100 | Base | Up 100 | Up 200 | |||||||||||||||||||||||||||
MVE | $ | 3,416 | $ | 3,431 | $ | 3,437 | $ | 3,441 | $ | 3,439 | ||||||||||||||||||||||
Percent change in MVE from base | (0.6) | % | (0.2) | % | — | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||
MVE/book value of equity | 90.9 | % | 91.4 | % | 91.5 | % | 91.6 | % | 91.6 | % | ||||||||||||||||||||||
Duration of equity | (0.6) | (0.3) | (0.1) | (0.1) | 0.2 |
Exhibit Number | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL) |
FEDERAL HOME LOAN BANK OF INDIANAPOLIS | ||||||||
By: | /s/ K. LOWELL SHORT, JR. | |||||||
Name: | K. Lowell Short, Jr. | |||||||
Title: | Senior Vice President - Chief Accounting Officer |